Theory Base of ...

Contingent liabilities should be recorded in the accounts when ________________.

Match List-I(Items) with List-II(Standards) and select the correct answer using the codes given the lists.

Accounting Standards issued by the Institute of Chartered Accountants of India are mandatory to which of the following _______________.

Which is an example of business entity concept?

In which of the following situations the principle of conservatism is applied?

According to _______ concept entries in accounting records and data reported in the financial records should be supported by objective evidence.

All are false except _______.

When advance received from a customer is not recorded as sales, accounting concept _________ is applied.

Accounting policies should not be changed from one period to another period is based on the principle of __________.

The following details pertains to purchase of a new office equipment ________.
(i) Basic price of the machine Rs. $$1,70,000$$
(ii) Customs duty Rs. $$20,000$$
(iii) Sea freight Rs. $$20,000$$
(iv) Insurance Rs. $$5,000$$
(v) Erection charges Rs. $$5,000$$
(vi) Trade discount Rs. $$20,000$$
What is the historical cost of the office equipment.