Name the accounting concept or convention associated with the following

(i) Assets are recorded at cost,irrespective of the market place.

(ii) Life of a business should be divided into smaller periods.

(iii) Accounting transactions should be free from bias of accountants and others.

Open in App

Solution

(i) Historical cost concept.

(ii) Accounting period concept.

(iii) Verifiable objective concept.

Suggest Corrections

Similar questions

According to accrual concept of accounting, financial or business transaction is recorded:

Accounting records business transactions and events which are of a financial nature.Is this a limitation of accounting?

List-I(Accounting concept)	List-II(Principle involved)
I. Consistency	(a) Losses are anticipated and accounted for in advance but profits are not accounted for until realised
II. Comparability	(b) All the relevant financial information should be summarised and presented in the accounting statements
III. Conservatism	(c) According procedures in an entity should be followed uniformly from period to period
IV. Disclosure	(d) Accounting statement of different periods of an entity and those of different entities of a period should be based on the same accounting principles and procedures
	(e) Personal Judgement of accountants should not influence accounting measurements

Join BYJU'S Learning Program