Which concept states that accounting should focus on material facts?
Materiality
Objectivity
Full disclosure
Matching
Which concept of revenue recognition requires that the revenue for a business transaction should be considered realised when a legal right to receive it arises?
Revenue recognition
The concept that states accounting transaction should be recorded in the manner so that it is free from the bias of accountants and others.
Consistency
Full Disclosure
Which concept states that only those transactions and happenings in an organisation can be expressed in terms of money?
Revenue recognition concept
Money measurement concept
Matching concept
Dual aspect concept
Which concept emphasises that expenses incurred in an accounting period should be matched with revenues during that period?
Revenue regcognition
Which term is defined by AICPA as "A general law or role adopted or professed as a guide to action, a settled ground or basis of conduct or practice"?
Convention
Principles
Postulates
Concepts
Which have evolved over a long period of time on the basis of past experiences, usages or customs?
Generally Accepted Accounting Principles (GAAP)
Basic Accounting Concepts
Business entity concepts
Money measurement concepts
Which concepts cannot over ride the provisions of applicable laws, customs, usage and business environment in the country?
Dual Aspect
Accounting standards.
Which concept assumes that business has a distinct and separate entity from its owners?
Business Entity concepts
Cost concepts
Which assumption is not free from limitations?
Cost control
Accounting period concept
Going concern concept