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Which of the following is not a fundame accounting assumption?
- a)Going concern
- b)Consistency
- c)Prudence
- d)Accrual
Correct answer is option 'C'. Can you explain this answer?
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Which of the following is not a fundame accounting assumption?a)Going ...
Going concern concept.
Accrual concept.
Consistency.
.Going Concern : The concept of going concern assumes that a business firm would continue to carry out its operations indefinitely (for a fairly long period of time) and would not be liquidated in the near future.
Accrual assumption. Transactions are recorded using the accrual basis of accounting, where the recognition of revenues and expenses arises when earned not when received. the concept states that the revenue for a business transaction should be considered realised when a legal right to receive it arises.
Consistency : This concepts states that accounting policies and practices followed by enterprises should be uniform and consistent one the period of time so that results are comparable. Comparability results when the same accounting principles are consistently being applied by different enterprises for the period under comparison, or the same firm for a number of periods.Prudence is correct answer
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Which of the following is not a fundame accounting assumption?a)Going concernb)Consistencyc)Prudenced)AccrualCorrect answer is option 'C'. Can you explain this answer?
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Which of the following is not a fundame accounting assumption?a)Going concernb)Consistencyc)Prudenced)AccrualCorrect answer is option 'C'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Which of the following is not a fundame accounting assumption?a)Going concernb)Consistencyc)Prudenced)AccrualCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following is not a fundame accounting assumption?a)Going concernb)Consistencyc)Prudenced)AccrualCorrect answer is option 'C'. Can you explain this answer?.
Which of the following is not a fundame accounting assumption?a)Going concernb)Consistencyc)Prudenced)AccrualCorrect answer is option 'C'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Which of the following is not a fundame accounting assumption?a)Going concernb)Consistencyc)Prudenced)AccrualCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following is not a fundame accounting assumption?a)Going concernb)Consistencyc)Prudenced)AccrualCorrect answer is option 'C'. Can you explain this answer?.
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