Every economic unit, regardless of its legal form of exis...
Every economic unit, regardless of its legal form of existence, is treated as a separate entity from parties having economic interest is
Realisation concept
Entity concept
Going concern concept
Matching concept
Correct answer is B
The entity concept ensures that only the expenses incurred by/for the business, incomes earned by the business, assets acquired for the business and liabilities owed by the business are respectively recorded as expenses, incomes, assets and liabilities in the books of the business.
Given: Net profit-----------------------N25,000 Cost of sale---------------------N25,000 Sales---...
Recurrent expenditure are expenses for the period not exceeding? ...
The main purpose of transaction file is ...
Provision for bad and double debts in companies final accounts is treated in? ...
Administrative, selling and distribution expenses in a manufacturing firm are recorded in ...
The objective of a departmental accounts is to ascertain the ...
The loss made by a non profit making organization is called ...