GK
ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Business Entity Concept
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Going Concern Concept
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Money Measurement Concept
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All of the above
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Detailed explanation-1: -: Business Entity, Money Measurement, Going Concern, Accounting Period, Cost Concept, Duality Aspect concept, Realisation Concept, Accrual Concept and Matching Concept.
Detailed explanation-2: -There are four main conventions in practice in accounting: conservatism; consistency; full disclosure; and materiality.
Detailed explanation-3: -Accounting concepts are ideas, assumptions and conditions based on which a business entity records its financial transactions and organises its bookkeeping. It helps a business interpret and integrate a financial transaction into the accounting process.
Detailed explanation-4: -Accruals Concept. Revenue is recognized when earned, and expenses are recognized when assets are consumed. Conservatism Concept. Consistency Concept. 11-Aug-2022