Theory Base of ...

Recording of outstanding salary is based on ____________.

Which of the following is an exception of 'Full Disclosure' principle?

An accounting convention which provides that when doubt, choose the solution least likely to overstate assets and income is ____________.

Generally accepted accounting principles ___________.

Omission of paise and showing the round figures in financial statements is based on ___________.

A sole proprietor decided to use the same bank account for his personal affairs as for his business. Which of the following accounting principles is violated?

A business is considered to be having an indefinite life according to _________.

The fundamental accounting equation, Assets =  Equities, is the formal expression of _____________.

Assigning revenues to the accounting period in which the goods were delivered or the services performed and expenses to the accounting period in which they were used to produce revenue is known as ___________.

The valuation of a promise to receive cash in the future at present value on the financial statements of a business entity is valid by virtue of which accounting postulate or principle?