Accounting procedures and accounting practices should remain same from year to year under which of the following accounting principles:

Related MCQs

• 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:
• General rules that are used as a guide in accounting and as a basis of accounting practices are called:
• Which of the following statements is true with regard to written down value method of depreciation? i. The rate at which the asset is written off reduces year after year ii. The amount of depreciation provided reduces from year to year iii. The rate of depreciation as well as the amount of depreciation reduce year after year iv. The value of the asset gets reduced to zero over a period of time
• Every transaction has two aspects i.e., debit and credit, 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.
• Anticipate no profits and provide for all possible losses. This is essence of which of the following accounting principles:
• When a machinery is purchased for cash, the cash balance is reduced and to that extent, the amount of machinery as an asset is recorded. This is done to follow which of the following accounting principles:
• 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:
• P & L Account is prepared for a period of one year by following [Hints: (c) P&L A/C is prepared for a period of one year by following the concept of Accounting Period.]
• Which of the following practices is not in consonance with the convention of conservatism?