true

Take Class 12 Tuition from the Best Tutors

Affordable fees
1-1 or Group class
Flexible Timings
Verified Tutors

Search in

Introduction To Accounting: Part 19: Verifiable Objective Concept

Nishant Kumar

28/06/2017 0 0

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 transactions should be evidenced and supported by business documents.
These supporting documents are:
1. Cash Memo
2. Invoices
3. Sales Bills, etc.
These supporting documents provide the basis for accounting and audit.

Audit: It is an official inspection of an organisation’s books of accounts, typically by an independent body.

0 Like 0 Dislike

Follow 0

Other Lessons for You

Question from Biology (Immunology)

What would you have to do in order for you to develop artificially-acquired active immunity? Immune system is bodies’ integral defense mechanism which works to keep the body at a steady state. Immunity...

Subimal Banerjee

0 0

For IIT/NEET Aspirants Class 12 Chemistry - Important Reagents

Acqueous NaOH reaction example:

Nidhi T.

0 0

Consignment Meaning & Features

Meaning & Features Of Consignment Meaning: Consignment means the transaction of sending goods by one person (called CONSIGNOR) to another (called CONSIGNEE) who is to sell those goods on behalf of...

FR Prashanth Reddy

20 0

How to solve 2D, 3D problems?

Let us take a problem in 3D? Consider the triangle A(0,0,0), B(1,1,1) and C(0,0,1). What is the area of this triangle? Solution: As we cannot plot these points, we analyse them as where they lie in...

Harendran Bala

0 0

Urilinga peddhiya vachanagalu - Shabdhartha

Sandhya

1 0

Find Class 12 Tuition near you

Online Tuition Class 12

Looking for Class 12 Tuition ?

Learn from Best Tutors on UrbanPro.

Are you a Tutor or Training Institute?

Join UrbanPro Today to find students near you

Class 12 Tuition Questions

How to become a tutor in urbanpro?

36 Answers

What do you mean by principal of conservatism in accountancy?

47 Answers

Why are rules of debit and credit same for liability and capital?

5 Answers

difference b/w cash & cash eqivalant..

25 Answers

What is the difference between Bad debts and bad & doubtful debts. What are the legal compliances...

7 Answers

Looking for Class 12 Tuition Classes?

The best tutors for Class 12 Tuition Classes are on UrbanPro

Select the best Tutor
Book & Attend a Free Demo
Pay and start Learning

Take Class 12 Tuition with the Best Tutors

The best Tutors for Class 12 Tuition Classes are on UrbanPro

I am a Student I am a Tutor
Name*	Please enter your full name. Please enter institute name.
Email*	Please enter your email address.
Phone*	Please enter a valid phone number.
Location*	Please enter a pincode or area name.
City*	Please enter city name.
Category*	Please enter category.
Gender*	Male Female Please select your gender.
Email ID/ Mobile No.*	Please enter either mobile no. or email.
Enter Password*	Please enter OTP Please enter Password Sorry, this phone number is not verified, Please login with your email Id.

Introduction To Accounting: Part 19: Verifiable Objective Concept

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 transactions should be evidenced and supported by business documents.

These supporting documents are:

Cash Memo

Invoices

Sales Bills, etc.

These supporting documents provide the basis for accounting and audit.