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CBSE Notes 2011-2012 » XI-Accounts

Theory Base of Accounting

The benefits to be derived from information should not exceed its cost.

Multiple choice question

The benefits to be derived from information should not exceed its cost.

The expenses of the owners of the business need to be recorded as expenses of business

Multiple choice question

The expenses of the owners of the business need to be recorded as expenses of business

All transactions that affect the business must be recorded.

Multiple choice question

All transactions that affect the business must be recorded.

The accounting data should be verifiable and free from any bias.

Multiple choice question

The accounting data should be verifiable and free from any bias.

The accountants' prudence states that preference should be given for errors in measuring assets and ...

Multiple choice question

The accountants' prudence states that preference should be given for errors in measuring assets and recognising revenues in the direction of understatement rather than overstatement.

During the life-time of an entity accounting produce financial statements in accordance with which b...

Multiple choice question

During the life-time of an entity accounting produce financial statements in accordance with which basic accounting concept

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