As per the Matching concept, Revenue – ? = Profit

Related MCQs

• Profit and loss is calculated at the stage of
• A trader calculated his profit as Rs.150000 on 31/03/2014. It is an
• 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?
• 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 proprietor of the business is treated as creditor for the capital introduced by him due to_____ concept.
• Small items like, pencils, pens, files, etc. are written off within a year according to _____ concept.
• Business enterprise is separate from its owner according to _____ concept.
• Historical cost concept requires the valuation of an asset at
• The comparison of financial statement of one year with that of another is possible only when ------------- ---concept is followed