Commercial Applications
This principle suggests that every debit has a corresponding and equal credit.
- Matching principle
- Principle of full disclosure
- Dual aspect principle
- Realisation concept
Related Questions
This concept assumes that the business will continue to exist for a long time in the future.
- Money measurement concept
- Going concern concept
- Business entity concept
- Realisation concept
It is due to this concept that financial statements are prepared at regular intervals, generally one year.
- Money measurement concept
- Accounting period concept
- Business entity concept
- Realisation concept
According to this principle, accounts should be prepared in such a way that all the material information required by users of financial statements is clearly disclosed.
- Matching principle
- Principle of full disclosure
- Dual aspect principle
- Realisation concept
According to this principle, cost of a particular period should be charged from the revenue of same period only.
- Matching principle
- Principle of full disclosure
- Dual aspect principle
- Realisation concept