Theory Base of ...

_______ principle required that the same accounting method should be used from one accounting period to the next.

Assets should be valued at the price paid to acquire them is based on ________________.

The cost of a small calculator is accounted as an expense and not shown as an asset in a financial statement of a business entity due to __________________.

Accounting standards are ____________________.

R Ltd. purchased equipment from P Ltd. for Rs. 50,000 on 1st April 2019. The freight and cartage of Rs. 2,000 is spent to bring the asset to the factory and Rs. 3,000 is incurred on installing the equipment to make it possible for the intended use. The market price of machinery on 31st April, 2020 is Rs. 60,000 in financial statements.However, the auditor emphasizes that the machinery should be valued at Rs. 55,000 (50,000+2,000+3,000) according to _____________________.

Which accounting system best reflect the time picture of organization?

Accounting is BEST described as__________.

The objective of accounting standard is to ___________.

Business is treated as a separate entity accounts for __________.

Fixed assets are recorded at _______.