Accounting · Accounting Concepts and Conventions
Match the fundamental accounting concepts and conventions in LIST-I with their respective core provisions or characteristics in LIST-II. LIST-I (Accounting Term) A. Business Entity Concept B. Materiality Convention C. Matching Concept D. Conservatism Convention LIST-II (Core Provision) I. Mandates that expenses are charged to the period in which the associated revenue is generated. II. Allows for the simplification of records for items that do not affect the economic decisions of users. III. Requires the business to be treated as a distinct legal unit, separate from its owners. IV. Directs accountants to provide for all possible losses while anticipating no future profits. Choose the correct answer from the options given below:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A-I, B-II, C-III, D-IV
- 2A-III, B-IV, C-I, D-II
- 3A-IV, B-III, C-II, D-I
- 4A-III, B-II, C-I, D-IV✓
Correct answer
A-III, B-II, C-I, D-IV
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