Accounting Concepts, Conventions and Principles

Give the word term or phrase which can substitute the following statement:

Assets which remain in the business for only for short time and can be converted into cash very easily.

State whether the following statement is true or false with reasons:

Conservatism means to follow the safe side.

Select the most appropriate alternative from the given below and rewrite the statement.

The immediate recognition of loss is supported by principle of __________.

Select the most appropriate alternative from the given below and rewrite the statement.

Brief explanation of an entry is called as _________.

State whether the following statement is true or false with reasons:

Bank overdraft is an asset of the business.

Do you agree or disagree with the following statements :

Bills Payable is an asset of the business.

State whether the following statement is true or false with reasons:

The double entry system is based on “Dual Aspect” concept.