Match the following.
| List-I | List-II |
| a. Materiality concept | 1. The same accounting method used by a firm from one period to another |
| b. Going concern concept | 2. An inappropriate assumption of a firm being bankrupT |
| c. Historical cost concept | 3. A normal basis used for accounting assets |
| d. Consistency concept | 4. Relates to the importance of an item or event |
A. a-4, b-2, c-3, d-1
B. a-1, b-2, c-3, d-4
C. a-2, b-3, c-4, d-1
D. a-4, b-2, c-1, d-3
Answer: Option C
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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