Theory Base of ...

The transaction recorded through accounting equation are based on _______________.

As per ________ business transactions are recorded on the assumption that the business will continue for a long-time.

______ concept is based on double entry book-keeping which means that accounting system is set up in such a way that a record is made of the two aspects of each transaction that affects the records.

Accounting is a measurement and communication process of the activities of the firm that are measurable in monetary terms.

Business is treated as an entity separate from its owners, creditors, managers and others. This is as per _________________.

As per convention of conservatism, if the accountant is faced with the choice between two methods of valuing _____, the accountant should choose a method which leads to the lesser value.

Revenue is recognized only when a sale is made. This is as per ___________________.

Mr. N purchased a furniture costing Rs. 13,000 on 1st October, 2018. Transportation and installation charges were incurred amounting Rs. 1,300 and Rs. 520 respectively. Dismantling charges of the old furniture in place of which new furniture was purchased amounted Rs. 1,300. Market value of the furniture was estimated at Rs. 15,600 on 31st March 2019. While finalizing the annual accounts, Mr. N values the furniture at Rs. 15,600 in his books. Which of the following concepts was violated by Mr. N?

State the case where the going concern concept is applied?

Which of the following is not an accounting convention?