Identify the accounting concept which state following: (1) Sale/purchase of goods or assets are recognised on the basis of cash memo/invoice.
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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 :-
Objectivity concept
(verifiable objective)
Accounting concepts are the fundamental ideas or basic assumptions underlying the theory and practice of financial accounting.
Objectivity concept:-
According to this concept accounting transaction should be recorded in an objective manner , free from bias by accountant and others. This can be possible by transaction supported by varifyable vouchers.
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