Question
A trader maintains accounts on cash basis and records revenue only when received. Which fundamental accounting assumption is not followed?
More Forming base to Accounts Questions
- Which accounting principle states that revenue should be recognized in the accounting period in which it is earned?
- In the absence of a Partnership Deed, the interest on a partner's loan is allowed at:
- A firm’s EBIT is ₹5,00,000, interest expense is ₹1,00,000. What is the Degree of Financial Leverage (DFL)?
- "Window Dressing" in accounting refers to:
- The error of principle occurs when:
- Goodwill is a/an:
- A "Trial Balance" is prepared to check:
- If the opening stock is ₹50,000, purchases are ₹2,00,000, and closing stock is ₹70,000, the Cost of Goods Sold is:
- The law of demand states that, other things being equal:
- The basic accounting equation is:
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