Concepts and principles

Question 1 of 10

Recording a machine at cost rather than its current market value follows the

Question 2 of 10

The concept that a business is treated as separate from its owner is the

Question 3 of 10

Recording assets at their original cost follows the

Question 4 of 10

Treating the purchase of a GH¢5 stapler as an expense rather than an asset follows the

Question 5 of 10

Prudence requires that

Question 6 of 10

Treating the owner and the business as separate is the

Question 7 of 10

Users of financial statements include

Question 8 of 10

Income is recognised when earned, not when cash is received, under the

Question 9 of 10

The concept that matches expenses to the revenue of the same period is the

Question 10 of 10

Every transaction has two effects, one debit and one credit. This is the