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Preparing Financial Statements of NPO-I

As per which ...

Question

As per which concept, a clear distinction is made between assets and expenses?

A

Money measurment

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B

Cost concept

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C

Dual aspect concept

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D

Going concern concept

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Solution

The correct option is D Going concern concept
As per Going Concern Concept, a clear distinction is made between assets and expenses as it is not fair to charge the whole amount of asset to the current accounting year as benefits from that assets will also be received in future years.

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