Small items like, pencils, pens, files, etc. are written off within a year according to _____ concept.

Related MCQs

• The assets that can be easily converted into cash within a short period, i.e., 1 year or less are known as
• The debts which are to be repaid within a short period (a year or less) are referred to as,
• A trader purchases goods for Rs. 2500000, of these 70% of goods were sold during the year. At the end of 31st December 2009, the market value of such goods were Rs. 500000. But the trader recorded in his books for Rs. 750000. Which of the following concept is violated.
• The comparison of financial statement of one year with that of another is possible only when ------------- ---concept is followed
• Business enterprise is separate from its owner according to _____ concept.
• The transferring of debit and credit items from journal to the respective accounts in the ledger is called as
• Which accounting concept satisfy the valuation criteria?
• A trader has made a sale of Rs.75,500 out of which cash sales amounted to Rs.25,500. He showed trade receivables on 31-3-2014 at Rs.25,500. Which concept is followed by him?
• The proprietor of the business is treated as creditor for the capital introduced by him due to_____ concept.
• As per the Matching concept, Revenue – ? = Profit