The basic principles of ____ concept is that business is assumed to exist for an indefinite period

Related MCQs

• The concept that business is assumed to exist for an indefinite period and is not established with the objective of closing down is referred to as
• According to _________ concept it is assumed that the business will last for long time
• P & L Account is prepared for a period of one year by following [Hints: (c) P&L A/C is prepared for a period of one year by following the concept of Accounting Period.]
• It is generally assumed that the business will not liquidate in the near foreseeable future because of
• Which of the following is true statement for computerised accounting system? a. the computer accounting system is based on the concept of database. b. Computer accounting system does not away with the concept of creating and maintaining journals, ledger etc.
• According to which concept, proprietor of a business is treated as a creditors to the extent of his capital
• Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal use?
• According to the money measurement concept, the following will be recorded in the books of account of the business:
• When stock is valued at cost in one accounting period and at lower of cost and Net realizable value in another accounting period
• The business will continue to operate for an indefinitely long period in the future, unless there is a good evidence to the contrary this assumption is related to