Question

State with reasons whether the following statements are True or False.(Highlight ` the underlying concept/convention/assumption

1.The value of human resources is generally shown as an asset in the balance sheet 2.The economic life of an enterprise if generally split into periodic intervals in accordance with the 'Going Concern Assumption 3.'Accounting Entity' concept is not applicable to a joint stock company 4.As per ' Concept' the accountant should provide for all possible losses but should not anticipate income​

Answer 1

Answer:

1.The value of human resources is generally shown as an asset in the balance sheet 2.The economic life of an enterprise if generally split into periodic intervals in accordance with the 'Going Concern Assumption 3.'Accounting Entity' concept is not applicable to a joint stock company 4.As per ' Concept' the accountant should provide for all possible losses but should not anticipate income