What is meant by consistency assumption?

What is the effect of going concern assumption?

State the meaning of going concern assumption.

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

Under which principle the calibre or quality of the management is not disclosed in the balance sheet?

An accountant always charges depreciation on fixed assets @ 15% p.a. which principle is followed by the accountant?

Accountancy to which Accounting concept, depreciation is to be charged as per one particular method year to year.

Mention three fundamental assumptions.

Which Accounting Standard lays down fundamental accounting assumptions?

What is meant by fundamental accounting assumptions?

During the life-time of an entity accounting produce financial statements in accordance with which basic accounting concept:

The management of a firms remarkably incompetent but the firm accountants, cannot take this into amount while preparing book of accounts because of_________concept.

A firm may sold stock which is heavily in demand consequently the market value of this stock may be increased. Normal accounting procedure to ignore this because of the_________.

Everything a firm owns it also owns out to somebody. This coincidence is explained by the_______concept.

The_______concept requires that accounting transaction should be free from the bias of accountants and others.

Revenue is generally recognised at the point of sale denotes the concept of___________.

Recognition of expenses in the same period as associated revenues is called_______concept.