Based on …………………………. concept, no accounting entry – InterviewSolution

InterviewSolution

1.	Based on …………………………. concept, no accounting entry is made in the books of accounts for advantage of having a team of sincere, honest, hard-working and efficient employees with the firm.(a) Accrual(b) Materiality(c) Money measurement(d) Consistency
Answer» Correct option is (c) Money measurement

Discussion

No Comment Found

Related InterviewSolutions

Adjustments are made for incomes received in advance based on ……………… principle.(a) Matching cost with revenue(b) Cost(c) Prudence(d) Full disclosure
According to ………………………. concept, in addition to book value of investment in listed shares, the market value thereof is also shown as additional information in financial statements.(a) Dual aspect(b) Full disclosure(c) Cost(d) Going concern
Due to the concept of ……………………. provision for doubtful debts on debtors is made in the accounts.(a) Prudence(b) Periodicity(c) Verifiability(d) Revenue recognition
Pre-paid expenses should be carried forward on the basis of concept of ………………… .(a) Conservatism(b) Consistency(c) Dual aspect(d) Matching cost with revenue
What is assumed in going concern concept?
For accounting, what is accepted as common measurement unit?
According to which principle, every business transaction has a two-fold effect?
How is the prudence concept also referred to as?
What does the principle of consistency suggest?
What does the money measurement concept suggest?