Accounting Cycle

refers to the accounting procedure used to record, classify, summarize and interpret the business transactions.

The standards which are made to make accounting practice uniform and adaptable are known as .

Accounting principles should be result-oriented, factual and .

The assumptions upon which accounting is based are called .

concept refers that for the purpose of accounting owner and business are two separate entities.

According to concept, this is assumed that the business will operate for a long period of time.

Under concept it is assumed that only those transactions which have a monetary value should be recorded in the book of account.

concept requires that an asset should be recorded on its cost on which it was purchased.

concept requires that the life of business should be segregated into equal parts.

concept requires that the revenues of a particular period must match with the expenses of that period.