Question

(a) What is the objective of Accounting Period Principle?
(b) What is verifiable concept?
(c) Why we don't record non-monetary transactions in Accounting?​

Answer 1

Answer:

Accounting is both a science and an art. And just like all other streams of science, even in accounting certain rules are followed. Also, accounting is based on certain assumptions as well. We call these accounting concepts or accounting concepts and principles.