Question

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​

Answer 1

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.

Answer 2

Answer:

Going Concern Concept

Explanation:

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 going concern assumption.