Which of the following is correct about ‘Accounting Concept’?
A. Accounting concepts are based on accounting conventions
B. Accounting concepts are established by common accounting practices
C. Accounting concepts are methods or procedures accepted by general agreement
D. Personal judgment has no role in the adoption of accounting concepts.
Answer:B
Which of the following is correct about ‘Accounting Concept’?
A. Accounting concepts are based on accounting conventions B. Accounting concepts are established by common accounting practices C. Accounting concepts are methods or procedures accepted by general agreement D. Personal judgment has no role in the adoption of accounting concepts.