Which of the following is not regarded as the fundamental concept that is identified by IAS-1?
A. The going concern concept
B. The separate entity concept
C. The prudence concept
D. Correction concept
Answer: Option D
Solution(By Examveda Team)
Correction concept is not regarded as the fundamental concept that is identified by IAS-1.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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