Question

Q2. Fill in the blanks:-

(a) According to the ______________ principle the stock is valued at cost or market price

which ever is less.

(b) According to ____ personal transactions of the owner are kept separate from the

business.

(c) Accounting records only those transactions which can be measured in terms of ____.

(d) All transaction’s are recorded in the books from the ____ point of view.

(e) Recognition of expenses in the same period as associated revenue is called _____

concept
​

Answer 1

Answer:

(a) Prudence or conservatism

(b) business entity principle

(c) money

(d) business

(e) revenue recognition

Answer 2

Answer:

FILL IN THE BLANKS

Required Answers :

a ) According to the _____ principle the stock is valued at cost or market price which ever less.

Ans ) Cost Concept

(b) According to ____ personal transactions of the owner are kept separate from the business.

Ans ) Business Entity Concept

(c) Accounting records only those transactions which can be measured in terms of ____.

Ans ) Money

(d) All transaction’s are recorded in the books from the ____ point of view.

Ans ) Business

(e) Recognition of expenses in the same period as associated revenue is called _____ concept

Ans ) Revenue Recognition Concept