Accounting Quiz 1

During the life time of an entity accounting produce financial statement in accordance with which basis of accounting concept

When information about two different enterprises have been prepared and presented in a similar manner the information exhibits characteristics of :

A Concept that a business enterprise will not be sold or liquidated in the near future is known as

The primary qualities that make accounting information useful for decision making are

Recognition of expense in the same period as associated revenues is calles

Revenue is generally recognized at the point of sale denotes the concept of

The concept requires that the same accounting method should be used from one accounting period to the next

The concept requires that accounting transaction should be free from the basis of accountants and others