General rules that are used as a guide in accounting and as a basis of accounting practices are called:

Related MCQs

• 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.
• A merchant sends out his goods casually to his dealers on approval basis. All such transactions are, however, recorded as actual sales and are passed through the sales book. On 31st March, it was found that 100 articles at a sale price of ` 200 each sent on approval basis were recorded as actual sales at that price. The sale price was made at cost plus 25%. The amount of stock on approval will be amounting
• When stock is valued at cost in one accounting period and at lower of cost and Net realizable value in another accounting period
• A sent some goods to B to be sold on consignment basis. 1/10 of the goods valued ` 25,000 were lost in transit. Find the value of goods sent of consignment basis —
• Cash flow statement is based on _________ basis of accounting.
• The accounting process of gradually converting the unexpired cost of fixed assets into expenses over a series of accounting periods is
• Accounting Standard 1 requires the significant Accounting Policies to
• To convert the accounts prepared on cash system of accounting into mercantile system of accounting, which of these adjustments is not necessary
• Any change in the accounting policy relating to inventories which has a material effect in the current or later periods should be disclosed. This is in accordance with the accounting principle of: