Reference no: EM132590334

Question a) Which of the following fundamental concepts captures the essence of the statement" Assume that Reliance industries will continue as a corporation forever"

Option 1: Accounting Period

Option 2: Adequate disclosure

Option 3: Entity

Option 4: Historical cost concept

Option 5: Going concern

Question b) Which of the following fundamental concepts captures the essence of the statement " Land purchased for $50000 10 years ago is reported on the balance sheet as its current market value of $500000"

Option 1: Accounting Period

Option 2: Adequate disclosure

Option 3: Fair Value

Option 4: Going concern

Option 5: Objectivity

Question c) Which of the following fundamental concepts captures the essence of the statement " Providing a summary of significant accounting policies must be a required practice"

Option 1: Accounting period

Option 2: Matching

Option 3: Objectivity

Option 4: Adequate disclosure

Option 5: Going concern

Question d) Which of the following fundamental concepts captures the essence of the statement " Information on Ongoing litigation not being disclosed is a poor practice"

Option 1: Going concern

Option 2: Adequate disclosure

Option 3: Matching

Option 4: Objectivity

Option 5: Entity

Question e) Which of the following fundamental concepts captures the essence of the statement" Owners transactions are separate from business transactions"

Option 1: Accounting period

Option 2: Adequate disclosure

Option 3: Entity

Option 4: Matching

Option 5: Objectivity