Question

name the accounting concept or convention associated with the following.
a)Assets are recorded at cost irrespective of Market price.

b)Life of business is divided into smaller periods of equal intervals.

c)There should be reporting of all the significant information relation to economic affairs of the business

CHALLANGE​

Answer 1

Answer:

a) Historical Cost Concept .

b) Going Concern Concept.

c) Objectivity Concept.

hope it helps..