State the name of the accounting principle, concept or convention in t

1.	State the name of the accounting principle, concept or convention in the following statements:1. Generally, a discount reserve on creditors is not maintained.2. Professionals like advocates, doctors, C.A., etc. record their revenue on cash basis.3. Prepaid expenses are subtracted from the concerned expenses in the profit and loss account.4. In the Balance Sheet the receivable amount are shown at realisable value only.
Answer» 1. Prudence concept or Principal of conservatism. 2. Realisation concept. 3. Matching cost with revenue concept. 4. Going concern concept.

State the name of the accounting principle, concept or convention in the following statements:1. Generally, a discount reserve on creditors is not maintained.2. Professionals like advocates, doctors, C.A., etc. record their revenue on cash basis.3. Prepaid expenses are subtracted from the concerned expenses in the profit and loss account.4. In the Balance Sheet the receivable amount are shown at realisable value only.

Answer»

1. Prudence concept or Principal of conservatism.

2. Realisation concept.

3. Matching cost with revenue concept.

4. Going concern concept.