theory Base Accounting

According to which accounting principle personal expenses of proprietor are recorded in drawings account.

• Matching

• Prudence

• Money measurement

• Business Entity Concept

Under which accounting principle quality of manpower is not recorded in the books of accounts

• Going concern

• Accounting entity

• Accounting period

• Money measurement

Principle which assumes that a business enterprise will not be liquidated in the near future

• Going concern concept

• Accounting period

• Prudence

• Accounting entity

Single Entry system ignores ______ of accounting.

• Cost concept

• Dual aspect

• Revenue concept

• Matching concept

According to Business Entity concept

• Transactions between the business and its owner are recoded considering it single entity

• Transactions between the business and its owner are not recoded

• Transactions between the business and its owner are recorded from the business point of view

• None of these

Full form of GAAP

• Journal Accepted Accounting principles

• Generally Accepted Accounting prudence

• Generally Accounting Accepted principles

• Generally Accepted Accounting principles

Do not anticipate any profit but provide for all possible losses according to the ____

• Accounting period

• Business entity

• Prudence cocept

• Full disclosure