Cost concept basically recognises ____.

Related MCQs

• Historical cost concept requires the valuation of an asset at
• 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.
• The proprietor of the business is treated as creditor for the capital introduced by him due to_____ concept.
• 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.
• As per the Matching concept, Revenue – ? = Profit
• The comparison of financial statement of one year with that of another is possible only when ------------- ---concept is followed
• The system of recording based on dual aspect concept is called: