Distinction between an expenditure whose benefit will be for a long
period and whose benefit for a short period of say up to one year,
is made under which of the following.
(a) Accounting Entity (b) Going concern Entity
(c) Money Measuring Entity (d) Accounting Period
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Explanation:
Answer :
It is made under
(b) Going Concern Entity Concept.
This concept states that the business is started with a hope that it will continue for a long time and all the business transactions are made while keeping in mind that the business will continue for long time.
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