The following statement describes an accounting concept. In conditions of uncertainty more confirmatory evidence is required about the existence of an asset or a gain than about the existence of a liability or a loss.' The accounting concept which governs the above is the • A. Accruals concept • B. Dual aspect concept C. Going concern concept • D. Separate entity concept E. Materiality concept F. Prudence concept'
The following statement describes an accounting concept. In conditions of uncertainty more confirmatory evidence is required about the existence of an asset or a gain than about the existence of a liability or a loss.' The accounting concept which governs the above is the • A. Accruals concept • B. Dual aspect concept C. Going concern concept • D. Separate entity concept E. Materiality concept F. Prudence concept'
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:The following statement describes an accounting concept. In conditions of uncertainty more
confirmatory evidence is required about the existence of an asset or a gain than about the
existence of a liability or a loss.' The accounting concept which governs the above is the • A.
Accruals concept • B. Dual aspect concept C. Going concern concept D. Separate entity
concept. E. Materiality concept F. Prudence concept'
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