Match the items in Column-I with the items in Column-2

Column-1 Column-2

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 & Solution

Correct Answer: Option A

Let's discuss the solution. Join the discussion

Question posted by Examveda

Community

Join the Discussion

Join the discussion

Login to post a comment or share your explanation.

No comments yet Be the first to discuss this question.

Keep Learning

Column-1	Column-2
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