Theory Base of ...

According to________ concept, every business transaction has two aspects. 

A concept on which double entry book keeping system is based  is ___________.

Period of time for which accounts of the business are prepared is _____________.

Accounts must be honestly prepared and they must disclose all material information is known as______.

____________ is an accounting concept states that only monetary transactions are recorded in the books of accounts.

Name the accounting concept on the basis of which income statement is prepared ______________.

According to______ concept, assets are recorded at a price paid to acquire them. 

According to__________ convention, while preparing planning anticipate losses. 

According to_______ concept revenue is recognized when it is earned. 

Choose the wrong statement.