Objectivity Concept
Trending Questions
What are the types of accounting software?
Is accountancy an art or a science or both ? Explain with reasons.
What is a computer in accountancy?
What is the revenue recognition principle?
"Financial Information should be neutral & unbiased, this comes under which concept?
Generally Accepted Accounting Principles
Completeness concept
Duality Concept
Objectivity Concept
Mr. Raj works as an accountant of a company. He always ensures that his accounts are correct and checks them regularly. What value is followed?
Why does a company reconcile its bank statement?
Which of the following is not a purpose of the objectivity principle?
To ensure that the financial information can be proven with evidence and the findings can be duplicated
To ensure that the organization does not close down its operations in the near future
To make financial statements more useful to investors and end users
To make the financial information consistent and trustworthy to investors and end users
Nancy is an accountant incharge of preparing financial statements for ABC Ltd. Nancy asks for ABC’s records to support its payables and receivables, but officials of ABC say it will be too much work to get. They say to go with the numbers in the accounting system. Which of the following principles of accounting shall be violated if Nancy accepts the suggestion as given by the officials?
Going Concern
Objectivity Principle
Cost Principle
Conservatism principle
Statement A: Rohit has a business and his friend Vijay who asks him why he has to show the entire revenue, rather why not make it lower and reduce tax. But Rohit strictly refuses. What is the concept Rohit is adhering to?
Statement B: Revenues need to be recorded in books of account to avoid any sort of confusion. This is in accordance to which concept?
Accrual concept
Objectivity
Going concern
Consistency
