Theory Base of ...

Accounting policies and practices, followed by an enterprise, should be uniform and constant over a period of time. Identify the concept.

Ghanshyam and Co. purchased machinery worth Rs. 15,70,000. It further incurred transportation cost of Rs. 2,81,000 and installation cost of Rs. 5,94,000. The market price of the machinery at the end of the accounting year was Rs. 25,00,000. At what price should Ghanshyam and Co. record the machinery in his books?

Which concept does not charge full cost of asset as an expense in the year of purchase?

Name the concept which assumes that for accounting purpose business and its owners are two separate units.

According to accrual basis of accounting,

Proprietor of the business is treated as a creditor under which of the following concept?

The closing stock is valued at

At the end of an accounting year, the cost of unsold goods is deducted from the cost of goods produced. Identify the type of concept.

The personal expenses of the proprietor is recorded in the firm’s income statements violates which of the following concept?

MNO Ltd. received an advance on sale in the month of January, 2016 for the sale made in April, 2016. When should the revenue be recognised?