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

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.