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.
The total credit sales for a period can be extracted from the ...
Provision is made in the accounts when the amount involved in the anticipated loss is ...
Use the information to answer the given question. RECEIPTS AND PAYMENTS ACCOUNT: \(\begin{array}{...
In manufacturing account, depreciation of office machine is charged to ...
Which of the following transaction is BEST recorded in the general journal? ...
A partner who only make capital contribution but does not take part in the management of the pa...
Accumulated fund is also referred to as ...
Replacement and renewal of fixed assets are? ...
Which of the following errors are errors of commission? I. A cheque paid to Adam debited to Adam...