Question

state the Accounting concept/ Convention involved in each of the following situation
I Assets are recorded in books at the cost incurred for the acquisition of such assets.
ii Sale is recognised on the basis of Cash Memo or Invoice.
ii Closing stock is valued at lower cost or market value.
Iv Advance received from a customer is not taken as income or sales.
v Capital contributed by the proprietor is credited to his capital Account
vi Financial statements of the firm are prepared every year on 31st March.​

Answer 1

Answer:

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Answer 2

Accounting concept/ convention involved in each

Explanation:

1.  assets are recorded in books at the cost incurred for the acquisition of such assets. - Cost Concept

2. sale is recognized on the basis of cash memo or invoice. - Verifiable Evidence Objective

3. closing stock is valued at lower cost or market value. - Prudence Concept

4. advance received from a customer is not taken as income or sales. - Revenue Recognition Concept

5. capital contributed by the proprietor is credited to his capital account. -  Business Entity Concept

6. financial statements of the firm are prepared every year on 31st March. ​- Accounting Period Concept