Theory Base of ...

Accounting rules, procedures and methods should be observed alike and should not be changed from year to year. This is called accounting convention of __________.

Apart from statutory requirements good accounting practice also demands all significant information should be fully and fairly disclosed in the financial statements. This is as per _________________.

Change in accounting estimate means ______________.

Mohan purchased goods for Rs. $$15,00,000$$ and sold $$4/5^{th}$$ of the goods amounting Rs. $$18,00,000$$ and paid expenses amounting Rs. $$2,70,000$$ during the year, $$2005$$. He paid Rs. $$5000$$ for an electricity bill of Dec. $$2004$$ and advance salaries amounting Rs. $$15,000$$ was paid for the month of Jan. $$2006$$. He counted net profit as Rs. $$3,50,000$$.
The profit calculated by him is correct according to ___________.

If the Going Concern concept is no longer valid, which of the following is true?

Which principle has important bearing on the capital-revenue classification?

Reserve for Bad Debts is created in accordance with ____________.

If a machinery is purchased for Rs. 1,00,000, the asset would be recorded in the books at Rs. 1,00,000 even if its market value at that time happens to be Rs. 1,40,000. In case a year after, the market value of this asset comes down to Rs. 90,000, it will ordinarily continue to be show at Rs. 1,00,000 and not at Rs. 90,000 due to _______________.

As per which concept, a clear distinction is made between assets and expenses?

According to the conservation concept, which of the following is recommended?