Question

Identify the accounting concept relevant to each situation below:

1.] Mr. Queen is expected to operate for an indefinite period.  


2.] A business uses the same depreciation method it has used for the past five years.


3.] The business recorded the purchase of its building at cost price even though the market value has increased.


4.] The owner withdrew goods, in the business records it was recorded in the drawing account.


5.] Record expenses incurred although payment was not yet made.



6.] When a business uses the same method of stock taking every year. ​

Answer 1

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