Financial Accounting MCQs

If nothing is given in the financial statements about the three accounting assumptions then it is to be treated as it

April 23, 2022

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If nothing is given in the financial statements about the three accounting assumptions then it is to be treated as it

Q. If nothing is given in the financial statements about the three accounting assumptions then it is to be treated as it

A. Is assumed to be followed

B. Is assumed that it is not followed

C. Is assumed to be followed to some extent

D. None of the above

Answer: Is assumed to be followed

If nothing is given in the financial statements about the three accounting assumptions then it is to be treated as it

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A trader purchases goods for Rs. 2500000, of these 70% of goods were sold during the year. At the end of 31st December 2009, the market value of such goods were Rs. 500000. But the trader recorded in his books for Rs. 750000. Which of the following concept is violated.

If nothing is given in the financial statements about the three accounting assumptions then it is to be treated as it

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