Question

Tell true or false in our answer with the following no​

Answer 1

Answer:

1.False. The Business Entity Concept is applicable to all types of business , including sole trading concerns and partnership concerns.

2.False. The Money Measurement Concept does not take into account changes in the value of monetary unit.

3.True.

4.True.

5.False. According to the Realisation Concept, revenue should be brought into account when it is earned, not when it is received.

6.True.

7.False. It is on the basis of the Going Concern Concept that assets are always valued at their cost price or book value, not market price.

8.True.

9.True.

10.True.

11.True.

12.True.

13.True.

14.False. Reserves are items of the owner's equity.

15.False. Secret reserves are not disclosed in the Balance Sheet.

16.True.

17.True.

18.True.