Theory Base Of Accounting CBSE Questions & Answers

According to which accounting principle personal expenses of proprietor are recorded in drawings account.

Under which accounting principle quality of manpower is not recorded in the books of accounts

Principle which assumes that a business enterprise will not be liquidated in the near future

Which accounting principle requires that life of a business be broken into smaller parts

Under which accounting concept fixed assets are recorded at cost without considering the market price (whether low or high).

Single Entry system ignores ______ of accounting.

Closing stock is valued at lower of cost or market price. Which concept of accounting is applied here

According to Business Entity concept

Full form of GAAP

Salary to Manager will be recorded in the books of accounts but appointment of manager is not recorded due to______

Do not anticipate any profit but provide for all possible losses according to the ____

The fact that a business is separate and distinguishable from its owner is best exemplified by the ___________ concept

Full form of IASB

Everything a firm owns, it also owns out to somebody. This co-incidence is explained by the ___________ concept.

The ___________ Assumption of accounting states that if straight line method of depreciation is followed in one accounting year, then it should be continued in the next year also.