The Verifiable Objective Concept holds that accounting should be free from personal bias. Measurements that are based on verifiable evidences are regarded as objectives. It means all accounting...
Let’s start with an example to understand this concept. Here it is: Suppose I buy 10 Books for Rs 1,000. This means that 1 Book costed me. Now, if I sell 5 Books at Rs...
According to the Money Measurement Concept, only those transactions and events are recorded in the books of accounts which can be measured in terms of money. Therefore, a transaction which cannot...
Chess is a game played on 64 square board which is a combination of two colours, usually black and white (nowadays different colours chess boards are available like green and white, yellow and brown). The...