Fill in the correct word: The accounting concept that refers to the tendency of accountants to resolve uncertainty and doubt in favour of understating assets and revenues and overstating liabilities and expenses is known as _______________.

Discuss the concept-based on the premise ‘do not anticipate profits but provide for all losses’.

A customer has filed a suit against a trader who has supplied poor quality goods to him. It is known that the court judgment will be in favour of the customer and the trader will be required to pay the damages. However, the amount of legal damages is not known with certainity. The accounting year has already been ended and the books are now finalised to ascertain true profit or loss. The accountant of the trader has advised him not to consider the expected loss on account of payment of legal damages because the amount is not certain and the final judgment of the court is not yet out. Do you think the accountant is right in his approach.

Revenue is generally recongnised at the point of sale denotes the concept of _______________.

Complete the following worksheet: If a firm believes that some of its debtors may ‘default’, it should act on this by making sure that all possible losses are recorded in the books. This is an example of the ___________ concept.

Fill in the correct word: Revenue is generally recongnised at the point of sale denotes the concept of _______________.

Complete the following worksheet: Everything a firm owns, it also owns out to somebody. This co-incidence is explained by the ___________ concept.

Fill in the correct word: The_______________concept requires that accounting transaction should be free from the bias of accountants and others.

Complete the following worksheet: The ___________ concept states that if straight line method of depreciation is used in one year, then it should also be used in the next year.

Complete the following worksheet: If a firm receives an order for goods, it would not be included in the sales figure owing to the ___________.

Complete the following worksheet: If a firm believes that some of its debtors may ‘default’, it should act on this by making sure that all possible losses are recorded in the books. This is an example of the ___________ concept.

A concept that a business enterprise will not be sold or liquidated in the near future is known as :

State how the GST rates will be applicable if \(CGST\) is 9%, \(SGST\) is 9% and \(IGST\) 18% in each of the following situations: Dealer B sell goods to Sunita in Gujarat worth ₹ 30,000.

State how the GST rates will be applicable if CGST is 9%, SGST is 9% and IGST 18% in the following situation: Goods worth ₹ 10,000 is sold by a Manufacturer 1 in Maharashtra to a Dealer A in Maharastra.

When information about two different enterprises have been prepared presented in a similar manner the information exhibits the characteristic of:

‘The accounting concepts and accounting standards are generally referred to as the essence of financial accounting’. Comment.

Complete the following worksheet: The fact that a business is separate and distinguishable from its owner is best exemplified by the ___________ concept.

State how the GST rates will be applicable if CGST is 9%, SGST is 9% and IGST 18% in each of the following situations: Goods worth ₹10,000 is sold by a Manufacturer 1 in Maharashtra to a Dealer A in Maharastra.

State how the GST rates will be applicable if CGST is 9%, SGST is 9% and IGST 18% in the following situation: Sunita sell goods to Ravindra in Rajasthan worth ₹ 65,000.

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