State the name of the accounting principle, concept or convention with

1.	State the name of the accounting principle, concept or convention with which the following statements or situations are associated:1. Revenue expenses paid in advance are shown on the asset side of Balance Sheet.2. Semi-finished goods or work-in-progress is valued at cost incurred thereon and not at their realisable value.
Answer» 1. According to Going concern concept, revenue expenses paid in advance are shown on the asset side of Balance Sheet. 2. According to Going concern concept, semi-finished goods or work-in-progress is valued at cost incurred thereon and not at their realisable value.

State the name of the accounting principle, concept or convention with which the following statements or situations are associated:1. Revenue expenses paid in advance are shown on the asset side of Balance Sheet.2. Semi-finished goods or work-in-progress is valued at cost incurred thereon and not at their realisable value.

Answer»

1. According to Going concern concept, revenue expenses paid in advance are shown on the asset side of Balance Sheet.

2. According to Going concern concept, semi-finished goods or work-in-progress is valued at cost incurred thereon and not at their realisable value.