Accounting concepts,principles and conventions

When fixed assets are sold for cash———–

The accounting equation is based on————

———–Concept is the basis idea that the business is separate from owner.

A machinery was purchased for Rs 10,00,000. Cash was paid Rs 5,50,000 and for the balance a bill was drawn for 30 days. what will be the effect on fixed assets?

———— Concept requires that those transactions which cannot be expressed in term of money should not be recorded in books of accounts?

Generally we ignore paise and show the round figures in financial statements. This is in line with

Unrealised gains in respect of stock cannot be used for distribution of dividend.———-Accounting principle is involved in this statement.

If going concern concept is no longer valid,select the true statement out of the following?

———-Of the following is not a fundamental accounting assumption?

Non-Current assets and current assets categorisation is based on the concept of—-

The underlying accounting concept necessitates amortisation of intangible assets is/are———

During life-time of an entity .Accountants generally prepare financial statements at the end of a year as per——–concept.

Window dressing of accounts means———

Double entry principle means ———–

The obligations of an enterprise other than owner’s fund are————–

In accounting we do not record non-monetary transactions because of ———-

———–Refer to the general agreement on the usage and practices in social or economic life.

No inference of profit and the provision making policy for all possible losses is due to ———–

Estimated selling price less estimated cost of sales is ——–

Unpaid expenses are ———

Two primary quantitative characteristic of financial statements are———

Income from sale is recorded when actually received,according to the accounting concept of —————-

GAAP’s are———–

Recording of capital contributed by the owner as liability ensures adherence of principle of———-

Proprietor is treated as creditor of business due to ——–