A business should not lay clai...
A business should not lay claim to any profit before it is earned. This is in accordance with the
Going concern concept
Prudence concept
Dual aspect concept
Consistency concept
Correct answer is B
Prudence also known as conservatism. This principles state that the accountant should not anticipate income and will normally take the figure that will understate rather than overstate the profit.
The fund in which all government receipt are paid is? ...
Sales ledger control account contains the total amount in respect of ...
Partly manufactured goods are treated in the balance sheet of a manufacturing company as ...
The basis of apportionment of insurance on building in departmental accounts is......... ...
i Operating machines ii Furniture iii Fixtures and fitting iv Loan from friends V Creditors W...
Which of the following is debited to partner's current account? ...
In which of the following is not stated in the partnership agreement? ...
Osa started business with Le 40,000 cash. The accounting entry is debit ...
(i) Meet growth and diversification need. (ii) Reach out to particular customers or markets ...