Account Fill In The Blanks[1 Marks ]

The management of a firm is remarkably incompetent, but the firm's accountant cannot take this into account while preparing books of accounts because of ................ concept.

If a firm believes that some of its debtors may 'default'. It should act on this by making sure that all possible losses are recorded in the books. This is an example of the ............... convention.

Personal transactions are distinguished from business transactions in accordance with the concept of ......... .

Everything a firm owns, it also owes out to somebody. This co-incidence is explained by the .................. concept.

Recognition of cost in the same period as associated revenues is called ............. concept.

The ................ concept states that if straight line method of depreciation is used in one year, then it should also be used in the next year.

Concept of ............ requires that the same accounting methods should be used from one accounting period to the next.

A firm may hold stock which is heavily in demand. Consequently, the market value of this stock may be increasing. Normal accounting procedure is to ignore this because of the ............. .

The fact that a business is separate and distinguishable from its owner is best exemplified by the ............... concept.