Mr. M started a business for buying and selling of stationery with Rs. 5,00,000 as an initial investment. Of which he paid Rs. 1,00,000 for furniture, Rs. 2.00.000 for buying stationery items. The amount of capital will be

According to which principle the revenue from business activities and the expenses associated with earning that revenue are recorded in the same accounting period?

Which principle requires the company ‘s financial statements to have footnotes containing information that is containing information that is important to users of the financial statements?

JCV Construction Company bought an equipment in 2016 for Rs. 10,00,000. Today this machine is only worth Rs.2,00,000. JCV would still report the equipment at its purchase price of Rs.10,00,000 less depreciation, even though its current fair market value is only Rs.2,00,000

That revenue is recognised when earned and expenses are recorded when incurred are the applications of:

Presenting financial information at cost and not in liquidating values in the view of continued existence of the business is the meaning of:

Under which principle the same accounting procedures must be followed in the same way each accounting period?

The personal assets of the owner of a company will not appear on the company’s balance sheet because of which principle?

1 July 2020 cash purchase Rs. 5,000. To record this transaction we must debit the purchase account and credit the cash account with the same amount Rs. 5,000. What accounting principle is applied?

The properties of the business are not the properties of the owner. This is in view of the:

All properties and services acquired by the business must be recorded at their original acquisition cost. This principle pertains to

A firm sells goods for Rs. 55,000 on 25^th March 2020 and the payment is not received until 10^th April 2020, the amount is due and payable to the firm on the date of Sale i.e. 25^th March 2020.

Under which principle when a business activity is large enough to impact business decisions, it should be recorded clearly in the financial statements.

Name the convention that states closing stock is valued at cost price or market price whichever is lower?