Question

In business purchase should not be recorded without its voucher because it is
violative of the principle of -
(a) Cost
(b) Consistency
(c) Objectivity
(d) None of the above​

Answer 1

Explanation:

d) maybe

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Answer 2

Option (C)

In a business, a purchase should not be recorded without its voucher because it is Objectivity

Business objectivity:

• The objectivity principle states that an organization's financial statements should be based on reliable evidence.
• The goal of this principle is to prevent an entity's management team and accounting department from presenting financial statements that are skewed by their personal beliefs and biases.
• Even though the evidence indicates that such an outcome is unlikely, management may accrue the revenue connected with the settlement if it believes it will soon be the beneficiary of a large payout from a lawsuit.
• Waiting for more information before making such a decision would be a more objective approach.