Which of the following is not regarded as the fundamental accounting concept?

The going concern concept

No worries! We‘ve got your back. Try BYJU‘S free classes today!

The separate entity concept

No worries! We‘ve got your back. Try BYJU‘S free classes today!

The prudence (conservatism) concept

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Correction concept

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

Open in App

Solution

The correct option is C Correction concept
Accounting is based on certain concepts and conventions which will be enumerated as follows:

Concepts:
Separate Entity concept
Dual Aspect concept
Cost Concept
Money Measurement concept
Going Concern concept
Periodicity Concept
Realization Concept
Matching Concept

Conventions:
Materiality
Full Disclosure
Consistency
Conservatism

Suggest Corrections