The policy of anticipate no profit and provide for all possible losses arise due to the concept of _____

Related MCQs

• A firm has reported a profit of Rs.1,47,000 for the year ended 31-3-2014 after taking into consideration the following items. (i) The cost of an asset Rs.23,000 has been taken as an expense (ii) The firm anticipated a profit of Rs.12,000 on the sale of an old furniture (iii) Salary of Rs.7,000 outstanding for the year has not been taken into account. (iv) An asset of Rs.85,000 was purchased for Rs.75,000 and was recorded in the books at Rs.85,000. What is the correct amount of profit to be reported in the books?
• The proprietor of the business is treated as creditor for the capital introduced by him due to_____ concept.
• Rohit carrying on real estate business sold a piece of land for Rs.4,00,00,000 (cost Rs.3,50,00,000) then the type of receipt is ______ nature and profit on sale is
• 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?
• Which accounting concept specifies the practice of crediting closing stock to the trading account?
• 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.
• According to the money measurement concept, the following will be recorded in the books of account of the business: