Theory Base of ...

Machinery purchased for Rs.200000 in cash and Rs.10000 was spent for installation for machine. Then the cost of machine will be

The accounting principle that conforms to the tendency of accountants to resolve uncertainty and doubt in favor of understanding assets and revenues and overstating liabilities and expenses is known as

Match the following options are

The assumption that a business enterprise will not be sold or liquidated in the near future is known as

During the life time of an entity, accountants produce financial statements at arbitrary points in time in accordance with which basic accounting principles?

stock is valued at cost or market price, whichever is lower This is an example of which principle

The following treatment of expenses and revenue are done due to matching principle except

The realization concept determines when goods sent on credit to customers are to be included in the sales figure for the purpose of computing the profit or loss for the accounting period. Which of the following tends to be used in practice to determine when to include a transaction in the sales figure for the period? When the goods have been:

Which of the following statement is false regarding the matching concept

Revenue will be recognize only when it is earned as per the ______ concept

It is necessary to assume Going Concern Concept as it

Accounting standards are generally referred to as the essence of financial accounting

Following are the objectives of accounting standards except

Going concern assumption tell us the life of the business is

A company lost vital machinery in an accident on 2nd March 2013 which will have adverse impact on its production capacity. As a result it is likely to loose business to its competitors The company has not disclosed this fact in its annual report for the year ended 31st March. The company is following full disclosure principle

Match the following options are

Depreciation method is not changed by a firm since last 5 years is an example of ___

Vinod sold goods on credit in February and received payment on 31st March. In such a case Revenue is considered to be recognized in the month of

The business entities follow matching concept mainly to ascertain

A business firm is expecting a profit of Rs.30,000 on sale of goods and same is recorded in the books of accounts. Which concept is ignored by the firm?