UPSC EPFO 2020: General Accounting Principles Quiz 3

Under which of the following accounting principles, revenue and related expenses must be recognized together in the same accounting period?

According to which of the following principles of accounting, even the proprietor of a business is treated as creditor to the extent of his capital?

ABC Ltd. follows the straight-line method of depreciating machinery year after year. Identify the correct accounting principle associated with this example.

“Do not anticipate a profit, but provide for all possible losses.” is a phrase used to describe which of the following accounting principles?

The concept which assumes that a business will last indefinitely is