Question

Q.1) Identify the Accounting Concept which state followings:-

i) Personal transactions of the owner are not recorded in the books of

accounts, unless it involves inflow or outflow of business funds.

ii) Assets are recorded in the books at the cost of acquisition and not at

market price.

iii) The revenue is assumed to be realised when legal right to receive it

arises and receipt of cash is irrelevant.

iv) Quarrel between the employees of the business will not be recorded

in the books of accounts.​

Answer 1

Answer:

i) this concept is called business entity concept

ii) this concept is called ACCOUNTING COST CONCEPT

Answer 2

Answer:

(i) Business entity concept

(ii) cost Concept

(iii) revenue recognition concept

(iv) money measurements concepts

Explanation:

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