Accounting Principles and Concepts

International Financial Reporting Standards

Local Pronouncements/Legislations

Financial Accounting Standards Board

All of the above

The concept provides the basis for the formation of the accounting equation.

This concept refuses allocation of cost on different accounting periods.

This concept discusses the issue of the realization of profit.

This concept assumes that the business will operate for a long period of time and will not be dissolved in the near future.

When a purchase order is received from a customer

At the point cash sales are made

After some period

Weekly

Bank deposits

Checks

Postdated checks

Money orders

Purchase of pencil recorded as an expense instead of including in stock

Purchase of car for private use

Purchase of plant for business

Purchase of building to extend the business