Theory Base of ...

The adjusting process is based on two accounting principles; The two accounting principles are _______________.

Mr Nachiket, the owner of Furniture Shop, owns a personal residence that cost Rs. 6,00,000 but has a market value of Rs. 9,00,000. During preparation of the financial statement for the business, the entire value of the property was ignored and was not shown in the financial statements. The principle that was followed was __________________.

The standard given by ICAI for calculation of depreciation is ________.

Purpose of an accounting system include all the following except _______________________.

The correct concept of double entry book keeping states that ___________.

Amit is recording sales transactions in the accounting system so that they can be summarized in a logical manner for the purpose of providing the financial statements for decision-making. Amit is doing________.

Ashok a cloth merchant buys cloth for Rs. $$50,000$$ paying cash Rs. $$20,000$$. What is the amount of expense as per accrual concept?

Which accounting concept is applicable to record a transaction entered between owner and business?

Which accounting system best reflect the time picture of organization?

In accrual system of accounting ______________________.