Match the following
| List-I | List-II |
| a. Income is measured and financial position is assessed | 1. Consistency concept |
| b. Anticipate no profit and provide for all possible losses | 2. Going concern concept |
| c. Assets are depreciated on the basis of expected life rather than on the basis of market value | 3. Conservatism concept |
| d. The comparison of one accounting period with that in the past is possible | 4. Matching concept |
A. a-4, b-3, c-2, d-1
B. a-2, b-1, c-4, d-3
C. a-4, b-3, c-1, d-2
D. a-3, b-4, c-2, d-1
Answer: Option A
This Question Belongs to Commerce >> Accounting
Accounting provides information on
A. Cost and income for managers
B. Company's tax liability for a particular year
C. Financial conditions of an institutions
D. All of the above
The long term assets that have no physical existence but are rights that have value is known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
Patents, Copyrights and Trademarks are
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
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