Theory Base of ...

Full form of IFRS.

Under which accounting principle quality of manpower is not recorded in the books of accounts

Everything a firm owns, it also owns out to somebody. This co-incidence is explained by the ___________ concept.

Which accounting principle requires that life of a business be broken into smaller parts

According to which accounting principle personal expenses of proprietor are recorded in drawings account.

If a firm receives an order for goods, it would not be included in the sales figure owing to the ___________.

The fact that a business is separate and distinguishable from its owner is best exemplified by the ___________ concept

A firm may hold stock which is heavily in demand. Consequently, the market value of this stock may be increased. Normal accounting procedure is to ignore this because of the ___________.

Closing stock is valued at lower of cost or market price. Which concept of accounting is applied here

Principle which assumes that a business enterprise will not be liquidated in the near future

Do not anticipate any profit but provide for all possible losses according to the ____

Full form of GAAP

Full form of IASB

The ___________ Assumption of accounting states that if straight line method of depreciation is followed in one accounting year, then it should be continued in the next year also.

12 television sets of Rs.10,000 each are purchased and this event is recorded in the books with a total amount of Rs.1,20,000 is an example of

Under which accounting concept fixed assets are recorded at cost without considering the market price (whether low or high).

According to Business Entity concept

Salary to Manager will be recorded in the books of accounts but appointment of manager is not recorded due to______

Single Entry system ignores ______ of accounting.

The management of a firm is remarkably incompetent, but the firms accountants can not take this into account while preparing book of accounts because of____ concept