The basis upon which assets of an organization is valued ...
The basis upon which assets of an organization is valued is the
Historical concept
Business entity concept
Periodicity concept
Materiality concept
Correct answer is A
The historical cost concept (also known as cost principle of accounting) states that the assets and liabilities of a business should be presented in accounting records at their historical cost.
\(\begin{array}{c|c} & J. Chike & B. Balla \\ & N & N \\ \hline \text{Current Accoun...
A business which converts raw materials to finished goods prepares ...
Subscription in advance is treated in the Balance sheet of non-profit making organizations as ...
Use the following to answer the given question BALANCE SHEET: \(\begin{array}{c|c} & N &am...
An item in the balance sheet of a limited liability company is ...
As a basis for assessing future usage, fixed assets are shown at ...
Debentures can be redeemed out of? ...
A business organization prepares departmental account in order to ...