Identify the accounting concepts involved in the following
a) Calculator bought by a business is not recorded as an assetb) Accounting transactions should be free from the bias of accountantsc) Accounting methods once selected are not changed frequentlyd) Assets bought are not charged in the same year in which it is boughte) Appointment of a manager is not recorded in the books of accounts.

Open in App

Solution

a) Materiality Concept
b) Objectivity Concept
c) Consistency Concept
d) Matching Concept
e) Money Measurement Concept

Suggest Corrections

Similar questions

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.

The assets are recorded in the books of account in the cost at which it was bought. This is based on which concept?

Join BYJU'S Learning Program