Question
Cost or expenses must be recorded at the same time as
the revenue to which they correspond is specified by which principle?Solution
According to the Matching Principle, expenses should be recognized in the same period as the revenues they helped generate, regardless of when the actual cash payment occurs. This principle ensures that the financial statements reflect the true profitability of a business by matching the expenses incurred to generate revenues in the same accounting period.
World Trade Organization is headquartered in
According to the definition provided in Section 2(11) of the BNS, 2023, an act is NOT considered to have been done in 'Good Faith' if it is done:
According to the Hindu Succession Act, 1956 (after the 2005 Amendment), a daughter of a coparcener becomes a coparcener by:Â
The Indian Evidence Act, 1872 came into force on
What are the conditions under which a system provider can make changes to the structure or operation of a payment system as per the Payment and Settleme...
Under the Companies Act, 1956, what is the relationship between the Memorandum of Association and the Articles of Association?
Who may establish additional trading floor?
A voluntarily burns a valuable security belonging to Z, intending to cause wrongful loss to Z. Under the Bharatiya Nyaya Sanhita (BNS), 2023, A has comm...
Which section of the BharatiyaSakshayaAdhiniyam, 2023 delas with the provisions related to confession to the police?
Which of the following correctly describes the presumptions established under Sections 115 to 118 of the Bharatiya Sakshya Adhiniyam, 2023?
Relevant for Exams:
