15.3 - Basic Accounting Concepts
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Practice Questions
Test your understanding with targeted questions
What is the Business Entity Concept?
💡 Hint: Think about the separation of finances.
Can employee satisfaction be recorded in financial statements?
💡 Hint: Consider what can be quantified.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What does the Business Entity Concept entail?
💡 Hint: Think about how business transactions should be reported.
True or False: The Money Measurement Concept allows for recording qualitative factors like employee morale.
💡 Hint: Consider what types of transactions can be quantified.
2 more questions available
Challenge Problems
Push your limits with advanced challenges
A company has incurred expenses of ₹1,00,000 for services in March but pays ₹30,000 in April. How should these be recorded according to the Matching Concept?
💡 Hint: Think about the timing of expenses and associated revenues.
You purchase a piece of equipment for ₹2,00,000, which later depreciates to ₹1,50,000. How will you manage this according to the Cost and Going Concern Concepts?
💡 Hint: Consider how historical costs factor into long-term asset management.
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