Accounting concepts and conventions

Question 1 of 10

Recording a building at its purchase price rather than its current value follows the

Question 2 of 10

Recording income and expenses in the period they relate to, not when cash changes hands, follows the

Question 3 of 10

The concept that tells accountants not to overstate assets or profits is

Question 4 of 10

The consistency concept requires

Question 5 of 10

The going concern concept assumes that the business will

Question 6 of 10

The concept that profits must not be overstated is

Question 7 of 10

The materiality concept means

Question 8 of 10

Changing from straight-line to reducing-balance depreciation every year breaches the

Question 9 of 10

The historical cost concept records assets at

Question 10 of 10

Assuming a business will continue to operate in the foreseeable future is the