Accounting concepts are out in place to ensure that accounting processes are uniform. An accountant must have a good understanding of these concepts. Did you know that once a business chooses to use a specific accounting method, it should continue using it on a go-forward basis? Do take up this quiz and see how well you understand the many concepts. All the best!
Questions and Answers
Which one of the following is a current liability?
Which one of the following is not an internal user of accounting information?
The other name of prudence principle is_______
Debentures are short term liabilities.
Income can be calculated as
Capital is considered to be an internal_________
According to which assumption it is assumed that a business will continue for a foreseeable period.
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Under the accrual method of accounting, expenses are recorded: