The comparison of financial statement of one year with that of another is possible only when ------------- ---concept is followed

Related MCQs

• 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.
• Small items like, pencils, pens, files, etc. are written off within a year according to _____ concept.
• P & L a/c is prepared for a period of one year by following:
• The nature of financial accounting is:
• The purpose of financial accounts is reporting to
• Which accounting concept satisfy the valuation criteria?
• The proprietor of the business is treated as creditor for the capital introduced by him due to_____ concept.
• Business enterprise is separate from its owner according to _____ concept.
• As per the Matching concept, Revenue – ? = Profit