If nothing is written about the accounting assumption to be followed it is presumed that

Related MCQs

• The comparison of financial statement of one year with that of another is possible only when _______ concept is followed
• _______ is root cause for financial accounting
• Which accounting concept specifies the practice of crediting closing stock to the trading account?
• Which of the following provide frame work and accounting policies so that the financial statements of different enterprises become comparable.
• Which of the following factor is not considered while selecting accounting policies?
• Valuation of stock in accounting follows the principle of cost price or ____ whichever is lower.
• Which of the following is not the main objective of accounting?
• Branch Trading &Profit & Loss A/c is only a _________ account not forming part of the full accounting system.
• The accounting procedure at the retirement of partner is valued:
• Small items like, pencils, pens, files, etc. are written off within a year according to ___ concept.