The accounting concept which is the basis upon which asse...
The accounting concept which is the basis upon which assets of a business are valued is the
Dual aspect concept
Consistency concept
Accrual concept
Historical concept
Correct answer is D
Historical concept is also known as Cost concept. This cost implies that the accountant determines the value of an asset by reference to the cost of its acquisition and not by the value of returns which are expected to be earned.
Which of the following is found on the credit side of a partnership's appropriation of profit ac...
The reduction in value of an intangible asset is ...
In preparing accounting records, the owners of a business and the business are treated as ...
\(\begin{array}{c|c} & D\\ \hline \text{Purchase of raw materials} & 236,500\\ \text{Returns...
A typewriter for office use sold for N5,000 was posted to sales account. This is an error of a ...
Use the following information to answer the given question: SALES LEDGER CONTROL ACCOUNT \(\be...
Profit expressed as a proportion of cost price is known as ...
One basic assumption of the double entry theory is that it allows? ...