Question

Fill in the correct word:
1. Recognition of expenses in the same period as associated revenues is called
$.....................$ concept.
2. The accounting concept that refers to the tendency of accountants to resolve uncertainty
and doubt in favour of understating assets and revenues and overstating liabilities and
expenses is known as $.....................$.
3. Revenue is generally recongnised at the point of sale denotes the concept of
$.....................$.
4. The $.....................$ concept requires that the same accounting method should be
used from one accounting period to the next.
5. The $.....................$ concept requires that accounting transaction should be free from
the bias of accountants and others.

Answer 1

Answer:

1. matching

2. conservatism

3 revenue recognition

4.consistency

5. objectivity

Explanation:

1. recognition of expenses in the same period as associated revenues is called MATCHING concept because the matching process deals with the expenses and revenues must be matched and must be belong to the same accounting period

2 the accounting concept that refers to the tendency of accountants to resolve uncertainty and doubt in favor of understanding  assets and revenues and overstating liabilities and expenses is known as CONSERVATISM because the conservatism principle deals with the concept of recognizing expenses as where there is a chance in uncertainty about the outcome only to recognize revenue and assets.

3 revenue is generally recognized at the point of sale denotes the concept of REVENUE RECOGNITION because the revenue recognition concept deals with the revenue that getting to be recognized during a point of sale.

4. the CONSISTENCY concept requires that the same accounting method should be used from one accounting period to the next

5 the OBJECTIVITY concept requires that accounting transaction should be free from the bias of accountants and others.this concept deals with the account transactions in an objective manner and to be free  from accountants and others.

Answer 2

1. matching

2. conservatism

3 revenue recognition

4.consistency

5. objectivity

Explanation:

1. recognition of expenses in the same period as associated revenues is called MATCHING concept because the matching process deals with the expenses and revenues must be matched and must be belong to the same accounting period

2 the accounting concept that refers to the tendency of accountants to resolve uncertainty and doubt in favor of understanding  assets and revenues and overstating liabilities and expenses is known as CONSERVATISM because the conservatism principle deals with the concept of recognizing expenses as where there is a chance in uncertainty about the outcome only to recognize revenue and assets.

3 revenue is generally recognized at the point of sale denotes the concept of REVENUE RECOGNITION because the revenue recognition concept deals with the revenue that getting to be recognized during a point of sale.

4. the CONSISTENCY concept requires that the same accounting method should be used from one accounting period to the next

5 the OBJECTIVITY concept requires that accounting transaction should be free from the bias of accountants and others.this concept deals with the account transactions in an objective manner and to be free  from accountants and others.

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