Accounting Equa...

If a radio seller-proprietor buys a radio for his personal use from out of business funds, the amount paid for the radio will be treated as "drawings" of the proprietor because of __________.

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

If the principle of conservatism is stretched without reservation, its likely effect may be ___________________.

An increase in one liability may lead to _________________.

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 _________________.

A businessman purchases goods worth $$Rs.25,00,000$$ and sold $$80\%$$ of such goods during the accounting year ending on $$31$$st March, $$2011$$. The market value of the remaining goods was $$Rs.7,50,000$$. He valued the closing stock @ $$Rs.5,00,000$$ and not at $$Rs.7,50,000$$ due to ___________.

Which of the following accounting equation is correct?

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?

Inclusion of personal expenses of using car in the business expenses would violate the concept of __________.