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प्रश्न
Complete the following worksheet:
If a firm believes that some of its debtors may ‘default’, it should act on this by making sure that all possible losses are recorded in the books. This is an example of the ______ concept
उत्तर
If a firm believes that some of its debtors may ‘default’, it should act on this by making sure that all possible losses are recorded in the books. This is an example of the conservatism concept
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संबंधित प्रश्न
Why is it necessary for accountants to assume that business entity will remain a going concern?
When should revenue be recognised? Are there exceptions to the general rule?
What is the basic accounting equation?
Complete the following work sheet:
The fact that a business is separate and distinguishable from its owner is best exemplified by the ______ concept
Complete the following work sheet:
Everything a firm owns, it also owns out to somebody. This co-incidence is explained by the ______ concept
Complete the following work sheet:
The ______ concept states that if straight line method of depreciation is used in one year, then it should also be used in the next year
Complete the following work sheet:
A firm may hold stock which is heavily in demand. Consequently, the market value of this stock may be increased. Normal accounting procedure is to ignore this because of the ______
Complete the following work sheet:
If a firm receives an order for goods, it would not be included in the sales figure owing to the ______
The management of a firm is remarkably incompetent, but the firms accountants can not take this into account while preparing book of accounts because of ______ concept
‘The accounting concepts and accounting standards are generally referred to as the essence of financial accounting’. Comment
What is matching concept? Why should a business concern follow this concept? Discuss
What is the money measurement concept? Which one factor can make it difficult to compare the monetary values of one year with the monetary values of another year?
