Accounting · Accounting Principles
Consider the following statements regarding Accounting Principles: 1. The Going Concern concept assumes that the business will continue for an indefinite period. 2. The Consistency concept requires that accounting policies should not be changed under any circumstances. 3. The Prudence concept suggests that anticipated losses should be recognized but not anticipated gains. 4. The Matching concept requires that revenues and expenses should be matched in the same accounting period. Which of the above statements are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 11, 2, 3 and 4
- 21, 3 and 4 only✓
- 31 and 2 only
- 42, 3 and 4 only
Correct answer
1, 3 and 4 only
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