According to _________ concept, all expenses incurred to earn revenue of a particular period should be charged against that revenue to determine the net income.

Cash as well as credit transactions are recorded in _________ basis of accounting.

The ____________ assumption of accounting states that if straight line method of depreciation is followed in one accounting year, then it should be continued in the next year also.

. Everything a firm owns, it also owns out of somebody. This co – incidence is explained by the ____________ concept.

. Salary to manager will be recorded in the books of accounts but appointment of manager is not recorded due to _____________ concept.

Outstanding and prepaid expenses are adjusted according to _______ basis of accounting.

The closing stock is valued at cost price or market price whichever is _________.

5. __________ concept assumes that business would not be liquidated in the foreseeable future.

True value of profit and loss is identified in __________ basis of accounting.

X Ltd. produces its financial statements on 31st March every year in accordance to ____________ concept.

Ghanshyam and co. purchased machinery worth Rs 12,00,000. It further incurred transportation cost of Rs 2,00,000 and installation cost of Rs 5,00,000. The market price of the machinery at the end of the accounting year was Rs 25,00,000. Ghanshyam and co. should record the machinery price as Rs ____________ in the books.

Rajawat Furnishing House purchased 10 tables @ Rs 2,000, 20 chairs @Rs 800 and 2 Sofa Set. He was not able to record the transaction of Sofa Set as it does not fulfil the condition of ____ concept.

Rent is to be paid Rs 6,000 recorded as Outstanding Rent due to _________ concept.

Aman and Raman are creating 5% provision for doubtful debts keeping in mind ___________ principle of accounting.

Karan started business with cash of Rs 3,50,000 which is borrowed from Dev. On one hand he has an asset of Rs 3,50,000 (cash) while on other hand, he has a liability towards Dev. Thus we can say accounting is done by _______ entry system.

. Devdhar keeps record of his assets according to market value, probably he does not know about _________ concept.

Ajit is running a small shop and keeping record of cash inflow and outflow only. He is maintaining his books on _____ basis of accounting.

Somya and Komal are manager in a company. Somya is more organised and systematic, but employer cannot record her Quality of work as her efficiency cannot be measured in terms of ___________.

Depreciation is charged under __________ basis of accounting.

Bhushan is unaware about ___________ concept and preparing his books on quarterly basis.

XYZ Ltd. Received an advance on sale in the month of January, 2019 for the sale made in May, 2019. The revenue should be recognised on __________.

A Ltd. had shown a contingent liability of Rs 2,00,000 as footnote after it’s Balance Sheet. After analysing Balance Sheet of A Ltd., B Ltd. purchased this running business without any further enquiry. A Ltd. had prepared it’s books by strictly following ________________ convention.

A business purchased goods for Rs 2,00,000 and sold 75% of the goods during accounting year ended 31st March, 2019. The market value of remaining goods was Rs 48,000. He valued closing stock at cost. While recording he violated ____________ concept.

Salary paid Rs 55,000 and outstanding Rs 5,000. At the time of passing journal entry Rs __________ amount will be debited in Salary A/c due to accrual concept.

Ram made cash sales of Rs 2,50,000 and credit sales of Rs 1,50,000. His expenses for the year were Rs 50,000, out of which Rs 10,000 is yet to be paid. Ram’s income on the base of cash basis of accounting will be Rs____________.

. Shyam made cash sales of Rs 3,20,000 and credit sales of Rs 1,80,000. His expenses for the year were Rs 50,000, out of which Rs10,000 is yet to be paid. Ram’s income on the base of accrual basis of accounting will be Rs____________.

Purchase goods of Rs 50,000 and purchase machinery of Rs 5,00,000 are classified under different expenditure category due to going concern concept. Carriage of Rs 1,000 is added to capital expenditure, in this Rs ____ amount is to be debited in purchase A/c.

Anant charged depreciation on his Fixed Assets of Rs 8,50,000 @ 10% p.a. in year 2018. He then charged depreciation in year 2019 at the rate of 12% p.a. Management is facing problem in comparing the data in consecutive years. To solve this problem, Anant should learn about _____ Assumption of accounting.

A Ltd. Purchased goods of Rs 5,20,000 during a financial year. His sales for the year were 6,00,000 and closing stock at the end was Rs 1,20,000. According to matching concept his profit during the year is Rs _______.

Rent paid Rs 85,000 out of which Rs 15,000 is related to next year. In the Cash Basis of accounting Rs __________ amount will be debited in Rent A/c.

accounting Rs __________ amount will be debited in Rent A/c. (Rs 85,000) 49. Accounting period may be either a calendar year (from January 01 to December 31) or the _________ year (from April 01 to March 31) of the government.

As per Dual Aspect Principle Capital = Assets + Liabilities.

ICAI stands for Institute of Company Accounts.

Accounting Standards signifies Uniformity, Transparency and Consistency in Accounting.

Accounting Principles, concepts and conventions commonly known as GAAPs.

Under Accrual Basis of Accounting, Only cash transactions are recorded.