Question

Q11. Identify and explain the Accounting assumption or accounting principle involved/violated in each of the following situation- i.Goods withdrawn by the proprietor for his personal use has not been recorded in the books of accounts. ii. For every debit there is a credit of equal amount in one or more accounts and vice versa.

Answer 1

Answer:

Cost principle.

Full disclosure principle.

Matching principle.

Revenue recognition principle.

Economic entity assumption.

monetary unit assumption.

Time period assumption.

Going concern assumption.

Explanation:

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