Accounting Equa...

Financial information is said to be __________ if its misstatement influences the decision making of the users on the basis of that information.

An old car having a book value of Rs. 50,000 on 1st April 2013 and having a market value of Rs.10,000 as on 31st March 2014 is reported in the financial statement at Rs. 45,000 after charging depreciation of Rs. 5000. The company is following ______ method of valuation.

Contingent liabilities should be recorded in the accounts when ________________.

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.

________ represents the residual interest in the organisation's assets after deducting liabilities.

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.