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 All the following items are classified as fundamental accounting assumption except
  • a)
    Consistency.
  • b)
    Business entity.
  • c)
    Going concern. 
  • d)
    Accrual 
Correct answer is option 'B'. Can you explain this answer?

Answers

A business entity is an entity that is formed and administered as per corporate law in order to engage in business activities, charitable work, or other activities allowable. Most often, business entities are formed to sell a product or a service.

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All the following items are classified as fundamental accounting assumption excepta)Consistency.b)Business entity.c)Going concern.d)AccrualCorrect answer is option 'B'. Can you explain this answer?
Business entity

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All the following items are classified as fundamental accounting assumption excepta)Consistency.b)Business entity.c)Going concern.d)AccrualCorrect answer is option 'B'. Can you explain this answer? for CA Foundation 2023 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about All the following items are classified as fundamental accounting assumption excepta)Consistency.b)Business entity.c)Going concern.d)AccrualCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2023 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for All the following items are classified as fundamental accounting assumption excepta)Consistency.b)Business entity.c)Going concern.d)AccrualCorrect answer is option 'B'. Can you explain this answer?.
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A business entity is an entity that is formed and administered as per corporate law in order to engage in business activities, charitable work, or other activities allowable. Most often, business entities are formed to sell a product or a service.