Theory Base of ...

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.

A firm may hold stock which is heavily in demand. 

Revenue is generally recognised at the point of sale denotes the concept of _______.

The management of a firm is remarkably incompetent, but the firms accountants cannot take this into account while preparing book of accounts because of ____________concept.

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.

The_______concept requires that accounting transaction should be free from the bias of accountants and others.

The fact that a business is separate from its owner is best exemplified by the ________ concept.

If a firm receives an order for goods, it would not be included in the sales figure owing to_____________concepts.

What is entity concept?

Concept under which comparison of one accounting period with the other period is possible is known as ___________ .