A business firm is separate and distinct from its owners is the assumption under which of the following accounting concepts:

Related MCQs

• The business is treated as distinct and separate from its owners on the basis of the
• Accounting procedures and accounting practices should remain same from year to year under which of the following accounting principles:
• 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.
• Which of the following is not a Fundamental Accounting Assumption?
• The amount of Owners‘ equity in a business is not affected by
• An ink-stand has been purchased by a firm for a nominal amount that is to last for 4 year. It should not be classified as a fixed asset under which of the following accounting principles:
• Which of the following concepts assumes that a business will last indefinitely?
• When stock is valued at cost in one accounting period and at lower of cost and Net realizable value in another accounting period
• If an organisation want to develop a computerised accounting system according to its need as the business of organisation is complex. Which software it should opt for :
• 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