01. Assets = Liabilities + Capital
02. Accounting equation states that the ________of a business are always equal to the claims of owners and the outsiders.
03. The concept of revenue recognition requires that the revenue for a business transaction should be included in the accounting records only when it is ________
04. Matching Concept states that expenses incurred in an accounting
period should be matched with_______ during that period.
05.________concept requires that all material and relevant facts of an enterprise must be fully and completely disclosed in the financial
statements.
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tomorrow is my exam
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Answer:
1. The statement is true
2. Assets
3. Realised
4. Income
5. Full disclosure concept
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