Accounting Equa...

According to which of the following principles all costs which are applicable to revenue of the period should be charged against that revenue?

On 31st Dec. 2006 assets of the business are Rs.3,00,000 and its capital is Rs.1,00,000. Its liabilities on that date will be __________.

The principle to anticipate no profit and provide for all possible losses emanates from the ___________.

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

Change in accounting estimate means ______________.

Withdrawal of money by the owner is not a expense but a reduction of __________.

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If the Going Concern concept is no longer valid, which of the following is true?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