According to which principle the same accounting methods should be used each year:

Related MCQs

• Which of the following is not the external user of accounting information?
• The elements of the accounting equation are
• Trial balance is not a conclusive proof of accuracy due to which errors. I)Error of omission II)Error of Principle III)Error of Commission IV)Compensatory Errors
• 4 oct Opening balance=500 units @Rs 20 each, 5 Oct:Purchase=1000 units @Rs 15 ,6 Oct Sales=500 units.What will be rate at which the sales unit will be valued as per weighted avg method?
• Which is true. I)Fixed installation method is recognised by income tax department. II)The amount of depreciation in WDV method remains same.
• 1 oct Opening balance=400 units @Rs 20 each, 3 Oct:Purchase=300 units @Rs 10 ,5 Oct Sales=500 units.What will be total Sales value(in Rs) as per FIFO Method?
• 2 oct Opening balance=200 units @Rs 15 each, 4 Oct:Purchase=500 units @Rs 10 ,5 Oct Sales=600 units.What will be Closing Inventory value (in Rs) as per LIFO Method?
• The assets that can be easily converted into cash within a short period, i.e., 1 year or less are known as
• Machinery purchased on 1 Oct,2016 for 40,000.This machinery was sold on Dec 2017.Calculate the total depreciation charged on machinery till date if co charges 10% as per WDV method if accounts are closed on 31st March every year.
• Goods destroyed by fire should be credited to