Which concept assumes that business has a distinct and separate entity from its owners?
Basic Accounting Concepts
Money measurement concepts
Business Entity concepts
Cost concepts
Which concept requires that business transactions should be recorded in such a manner that profits are not overstated?
Accounting standard
Conservatism
Objectivity
Materiality
Which have evolved over a long period of time on the basis of past experiences usages or customs?
Generally Accepted Accounting Principles (GAAP)
Business entity concepts
Which concepts cannot over ride the provisions of applicable laws, customs, usage and business environmental in the country?
Revenue recognition
Matching
Dual Aspect
Accounting standards.
Assets which cannot be touched or seen:
Fixed assets
Current assets
Intangible assets
Wasting assets
Which principles refers to the rules of guidelines adopted for recording and reporting of business transaction?
Generally Accepted Accounting Principles
Business Entity Concepts
Money Measurement Concept
According to which concept that the records of the transaction are to be kept not in the physical units but in the monetary unit?
Basic accounting concepts
Business accounting concepts
Cash and accrual basis are the two broad approaches of:
Basis of Accounting
System of Accounting
Full of Accounting
Revenue Recognition
Which concepts includes cost of acquisition transaction?
Cost concept
Going concern
Which basic accounting concept requires that the revenue for a business transaction should be considered realised when a legal right to receive it arises?
Full disclosure