The business is liable to the proprietor of the business in respect of capital introduced by the person according to

(a)

Money measurement concept

(b)

Cost concept

(c)

Business entity concept

(d)

Dual aspect concept

The concept which assumes that a business will last indefinitely is

(a)

Business Entity

(b)

Going concern

(c)

Periodicity

(d)

Conservation

GAAPs are:

(a)

Generally Accepted Accounting Policies

(b)

Generally Accepted Accounting Principles

(c)

Generally Accepted Accounting Provisions

(d)

None of these

The rule of stock valuation 'cost price or realisable value' whichever is lower is based on the accounting principle of :

(a)

Materiality

(b)

Money measurement

(c)

Conservatism

(d)

Accrual

In India, Accounting Standards are issued by

(a)

Reserve Bank of India

(b)

The Cost and Management Accountants of India

(c)

Supreme Court of India

(d)

The Institute of Chartered Accountants of India