Theory Base of ...

When a change in accounting policy is justified?

Accounting policies followed by organizations ______________.

As per _____ concepts in order to determine the profit earned or loss suffered by the business in a particular defined accounting period, it is necessary that expenses of the period should be matched with the revenues of that period.

AS - 3 deals with __________________.

The value of human resources is generally not shown in the Balance Sheet as per _______________.

Land on lease should be shown in balance sheet contrary to fact that company doesn't own this piece of land. This is the statement of what accounting concepts?

Mohan purchased a machinery amounting Rs.10,000 on 1.4.2010.
On 31.3.2019, similar machinery could be purchased for Rs.20,000 but the realizable value of the machinery (purchased on 1.4.2010) was estimated at Rs.15,000. The present discounted value of the future net cash inflows that the machinery was expected to generate in the normal course of business, was calculated as Rs 12,000.
The historical cost of machinery is ____________.

A specific accounting policy refers to _______________.

Which accounting principle is followed in adopting accounting policy of treating the cost of calculator as an expense ?

It is essential to standardize the accounting principles and policies in order to ensure _______________.