61. This principles states that the owner of the business is separate from the identity of the business itself.   Monetary Unit Accounting Entity Accrual Basis of Accounting Periodicity Concept

Q: Which of the following accounting concepts considers the investment made by the owner in the…

A: Accounting Principles are the rules and guidelines to be followed by a business while preparing and…

Q: Generally accepted accounting principles require that companies use the        of accounting.…

A: As per Generally accepted accounting principles, all the companies are required to follow the…

Q: ation differ

A: Accounting: It is the process of recording any financial transactions incurred in the financial year…

Q: Which principle or concept states that businesses should use the same accounting methods and…

A: Answer: c) Consistency In accounting the concept of consistency states that company should maintain…

Q: Give an example of situation to show how a business adheres to each of the following accounting…

A: HISTORICAL COST - as per the historical cost concept, every company must record its assets and…

Q: Write short notes on the following accounting principles with proper example.  A) cost principle?…

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Q: What is the name of the accounting concept in which revenue earned  during the accounting period…

A: An accrual is a journal entry that is used to recognize revenues and expenses that have been earned…

Q: Discuss the two main branches of accounting and explain the differences between financial accounting…

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Q: Identify each of the following terms/phrases as either an accounting (a) principle, (b)…

A: Accounting assumption: These are the accounting practices or principles which are considered to be…

Q: The accounting principle that considered the business to have a separate and distinct personality…

A: Accounting is a systematic process of identifying, measuring, recording, classifying, summarising,…

Q: How do accounting and business administration differ?

A: The term Business Administration has a wider scope than Accounting. A few of them are outlined…

Q: The type of accounting that is related to cost ascertainment and control is: a. Cost accounting b.…

A: Financial accounting helps in preparation and presentation of financial statements Taxation…

Q: According to which concept the owners are considered to be different from the business [A] Business…

A: Accounting concepts are the rules or assumptions that must be followed whil preparation of financial…

Q: Which is not a purpose of the conceptual framework? a. To provide definitions of key terms and…

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Q: Which of the following highlights a purpose of having a conceptual framework for financial reporting…

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Q: Why is Accounting Entity Concept an important principle of accounting that a business should…

A: The accounting system is based on different concepts like historical concept, accrual basis,…

Q: Which accounting concept or principle states that the transactions of a business must be recorded…

A: It is true that business as an entity is different from its owners and its accounts shall be…

Q: State whether the following statement is 'True' or 'False': In accounting, all business transactions…

A: Introduction: Accounting is the process of recording, organizing, and understanding your business'…

Q: one - Which of the following is the account group in which the expenses and losses of the business…

A: Extraordinary activities are the income or expense which is derived from a non business activity and…

Q: Using the following categories, discuss the differences that exist between accounting for these…

A: Accounting is the process of recording financial transactions in a business. Accounting is the…

Q: Explanation of double entry accounting and its relationship to pertinent accounting concepts

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Q: 18) If any revenues and expenses which are not related to the sale of products or services…

A: Revenues: These are the inflows on sale of products or provision of service in the ordinary course…

Q: Which one of the following states that the life of a business can be divided into equal time…

A: Business is assumed to be going for an endless period of time. Therefore, the period is divided into…

Q: Identify each of the following terms/phrases as either an accounting (a) principle, (b) assumption,…

A: Principles are the rule made for every business.

Q: 7. Accounting is sometime described as the language of business. What is meant by this description?…

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Q: An accountant must be familiar with the concepts involved in determining earnings of a business…

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Q: Why is Accounting Entity Concept an important principle of accounting that a business should follow…

A: The accounting entity concept separates the owners and business entity. They both treated as…

Q: As used in the definition of accounting, an economic entity may be a. a business enterprise b. an…

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Q: Which of the following states that the business should use the same accounting methods from period…

A: Introduction: Accounting: Accounting is an art of recording, classifying , summarizing and…

Q: A concept of accounting that indicates that the financial records of the business should be kept…

A: Business: A business is an organization entirely made for earning profits or for fulfilling social…

Q: With regard to the accounting equation, state whether each of the following statements is true or…

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Q: Which is the last step of accounting as a process of information? Select one: a. Recording the…

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Q: USING THE FOLLOWING CATEGORIES, DISCUSS THE DIFFERENCES THAT EXIST BETWEEN ACCOUNTING FOR THESE…

A: The process of defining, assessing, and reporting transactions to regulatory authorities, tax…

Q: The accounting concept that requires financial information to be supported by independent, unbiased…

A: Accounting is a process of identifying, recording, classifying, summarising, analysing and…

Q: "Distinction should be made between the personal transactions of owner and those of entity." Which…

A: Firstly we will understand the meaning of above 3 accounting concepts that are going concern,dual…

Q: One of the following attributes in respect of accounting transactions is not correct: O a.…

A: Accounting transactions indicate the system of recording events having a monetary value that have…

Q: Using the following categories, discuss the differences that exist between accounting for these…

A: Accounting is the process of defining, assessing, and reporting transactions to oversight…

Q: Which of the following accounting principles prescribes that a company record its ex- penses…

A: Expense recognition principle says that all expense for the particular period should match with the…

Q: Accounting term

A: Option a is wrong because business assets may not be same with business profits and losses. Option b…

Q: The business entity assumption is important because O a. it requires that the company record all of…

A: Business entity assumption is a fundamental accounting assumption as per which the business entity…

Q: As per the accounting equation, equity can be represented as __________________. Excess of assets…

A: Accounting is the detailed process of book keeping. Under the first step of accounting, all…