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Practice Forming base to Accounts Questions and Answers

A trader maintains accounts on cash basis and records revenue only when received. Which fundamental accounting assumption is not followed?
An enterprise follows accrual basis of accounting and records revenue when it is earned and expenses when incurred. A client makes an advance payment of �...
XYZ Ltd. incurred R&D expenses of ₹20 lakhs for developing a new product. The product has not yet reached the commercialisation stage. How should the amo...

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