Theory Base of ...

Book value & Market value of machinery on 31.3.2019 was Rs.1,00,000 & Rs.1,10,000 respectively. As on 31.3.2019, if the company values the machinery at Rs. 1,10,000, which of the following principle is not being followed _________________.

State the case where the going concern concept is applied?

Accounting Standards in India are issued by _________________.

Which accounting principle is followed in adopting policy of making provision for doubtful debts @ 5% on debtors ?

GST is a destination based tax on consumption of ______________.

Materiality in accounting is decided __________________.

Tick mark the correct answer.
The accounting measurement that is not consistent with the going concern concept is?

Under GST, credit availed of all the taxes paid is termed as __________.

GST will replace a major part of __________ taxes.

A cooperative store having a turnover of Rs 10 lakh and profit of Rs 50,000 purchased locks costing Rs 12,000 for use in the shop. The accountant charged it in the P & L A/c or current year but auditor raised an objection saying that it should be capitalised. On which one of the following conventions could the accountant be defended?