Question

which of the following is not an accounting concept
​

Answer 1

Which one of the following is not an accounting concept

A. Fair value concept

B. Matching concept

C. Entity concept

D. Going concern concept

Answer: Option A

Thanks...

Answer 2

Answer:

Consistency concept is not an accounting concept.

Explanation:

The concept of consistency implies that once accounting methods have been adopted, they must be applied consistently in the future. In addition, for similar situations, the same methods and techniques must be used. It implies that a company must not change its accounting policy unless there are compelling reasons to do so. According to the consistency principle, businesses should use the same accounting methods or principles across all accounting periods so that users of financial statements or information can draw meaningful conclusions from the data. Accounting has the concepts of matching, dual aspect, and going concern, but no concept of true and fair also.