Question
All the following items are classified as fundamental
accounting assumptions except?Solution
The business entity concept in accounting is the principle that a business is considered to be separate and distinct from its owners or other businesses. This means that the business is treated as a legal entity in its own right, and its financial transactions and activities are recorded and reported separately from the personal transactions of its owners. The three fundamental accounting assumptions are: Consistency - This assumption requires that a business uses the same accounting methods and principles from one period to another. Going concern - This assumption assumes that the business will continue to operate for the foreseeable future. Accrual - This assumption requires that transactions and events are recognized in the financial statements when they occur, regardless of when the cash is received or paid.
In each of the following questions, a word is given in bold. Choose the option that is most opposite in meaning (antonym) to the given word.
Hi...
InsinuateÂ
Which of the phrases given below the sentence should replace the phrase in bold to make the sentences grammatically correct.
He is above head a...
We can use the intervening (A) few years to make our markets more competitive, procurement (B) more transparent (C) and foreign investment more (D) eas...
The ominous clouds signaled an approaching storm.
Choose the word that means the same as the given word.
Meticulous
Person who is nervous and shy
In each sentence below, four words are given in bold. One of them may be incorrectly spelt. Identify the incorrectly spelt word. If all are correct, ch...
Climb or move with difficulty or a lot of effort, typically using one's hands and feet
 Fill in the blanks with the appropriate antonym of the word in Italic from the options given:
The weather was unpredictable , but the followi...