While putting the value or price of an entity in financial records the lowest price is recorded not the current price or current market value. This is known as
A) business entity concept
B) conservatism
C) cost concept
D) money measurement concept
Correct Answer:
Verified
Q1: All the transactions measurable in the terms
Q2: Dividing the expenditure into capital and revenue
Q4: Co-operative societies is an example of
A)personal account
B)real
Q5: Outstanding salary account is a
A)natural personal account
B)artificial
Q6: Interest earned is a
A)personal account
B)real account
C)nominal account
D)representative
Q7: Commission paid is a
A)personal account
B)real account
C)nominal account
D)representative
Q8: Trading account is a
A)personal account
B)real account
C)nominal account
D)representative
Q9: Profit and loss account is a
A)personal account
B)real
Q10: All revenue incomes are credited to
A)manufacturing account
B)trading
Q11: In profit and loss account, if credit
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