Question

Identify the accounting concept which state following: (1) Sale/purchase of goods or assets are recognised on the basis of cash memo/invoice.​

Answer 1

Answer:

objectivity concept

Explanation:

This concept states the obvious assumption that the accounting transaction recorded should be objective, i.e. free from any bias of the person recording it. So each transaction should be verifiable by supporting documents like vouchers, bills, letters, challans, certificates, invoices etc.