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Theory Base of Accounting — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountTheory Base of Accounting1 Mark
MCQ
Accounting concepts are based on ____________.
  • A
    Certain assumption
  • ✓
    Certain facts and figures
  • C
    Certain accounting records
  • D
    Practice experience
✓

Answer

Correct option: B.
Certain facts and figures
The financial statements are prepared based on certain assumptions which are neither disclosed nor required to be disclosed as the same are understood,
so they are called Fundamental Accounting Assumptions.

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