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Question-20: What’s the Accounting convention?Īnswer: Accounting convention is recognized or public conduct in the field of accounting. Question-19: What is the objectivity Principle?Īnswer: The principles followed in the measurement of data utility for maximum reliability of accounting information. Question-18: What is the Consistency Principle?Īnswer: The Consistency Principle is the principle that the same rules apply every year in the field of accounting. Question-17: What is Industrial Practice?Īnswer: A way of deviating from the accepted accounting policy due to the differences in the organization. Question-16: What is the Conservatism Principle?Īnswer: According to this principle, all possible losses have to be estimated and recorded in the books of accounts, but the potential gains cannot be recorded in the books of accounts. Question-15: What is the materiality Principle?Īnswer: The principle of providing significant and important accounting information. Question-14: What is the matching principle?Īnswer: The matching principle is the connection between income and expenditure.
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Question-13: What is the concept of accrual?Īnswer: Under this concept, the outstanding expenses are added to the related expenses which have been paid, and the outstanding revenues are added to the related revenues which have already been received during the accounting year concerned. Question-12: What’s the monetary unit assumption?Īnswer: An assumption that businesses include only transaction data that can be expressed in terms of money in accounting records.
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Question-11: What’s the full disclosure principle?Īnswer: The principle of accounting requires a business to report to users of the circumstances and events of the financial statement that affect them. Question-10: What is the Going Concern assumption?Īnswer: The assumption is that for the foreseeable future, the company will continue to operate. Question-09: What is the revenue recognition principle?Īnswer: The principle that companies recognize revenue during the accounting period in which the performance obligation is fulfilled. Question-08: What is the Time period assumption?Īnswer: The assumption that accountants are able to break a company’s economic life into artificial time periods. Question-07: What’s the historical cost principle?Īnswer: An accounting principle that states that assets should be reported at their cost by businesses. Question-06: What is the fair value principle?Īnswer: The accounting principle that assets and liabilities (the price received to sell an asset or settle a liability) should be stated at fair value Question-05: What is the Economic Entity assumption?Īnswer: The assumption requires the separation of the activities of the entity and all the other economic entities from the activities of its owner. Question-04: What is the International Financial Reporting Standards (IFRS)?Īnswer: International standards for accounting set by the International Accounting Standards Board (IASB) Question-03: What are the generally accepted accounting principles (GAAP)?Īnswer: General principles that suggest how economic events should be reported. Question-02: What is the accounting Principle?Īnswer: The accounting principle refers to a number of basic or self-evident truths that are universally accepted in accounting. Accounting Constraints Short Questions and Answers-Accounting PrinciplesĪnswer: The rules or regulations that are followed in order to carry out the work properly are called principles.
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It will also increase your knowledge of accounting and help you perform well on any competitive exam. Today we’ll learn “35 Short Questions and Answers-Accounting Principles.” If you read it with a proper concentration from top to bottom, you’ll get a basic idea of the accounts Principles. Accounting principles are followed in the preparation of the statement of comprehensive income and the statement of financial position. Accounting principles are of immense importance in accounting.