Accountancy, asked by agrawalrekha93, 8 months ago

1. Purchase of pen is treated as expenses. State the accounting concept involved.

Answers

Answered by jeetuumerkoti112

Answer:

Hello Dear Buddy

These basic accounting concepts are as follows:

Explanation:

These basic accounting concepts are as follows:

Accruals concept. Revenue is recognized when earned, and expenses are recognized when assets are consumed. ...

Conservatism concept. ...

Consistency concept. ...

Economic entity concept. ...

Going concern concept. ...

Matching concept. ...

Materiality concept.

Answered by sravankumarssk99

Answer:

Matching Concept

Explanation:

This concept states that the revenue and the expenses of a transaction should be included in the same accounting period.

If you Purchase of pen is treated as expense and it is recorded in books of accounts and at the same time you have to pay for that pen and there is a cash outflow and you get benifit of getting a pen.

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