01.  Which of the following is not a fundamental accounting assumption?

A change in accounting policy is justified:

Cost of inventory 1,00,000; Market Value ` 80,000. If the inventory is valued at  1,00,000, which of the following accounting concepts is violated?

Amount paid to a supplier is:

Economic life of an enterprise is split into some periodic intervals as per ___ concept:

6. According to _________ concept, the same method of accounting is to be followed year after year:

7. Benefits of AS (Accounting Standards) are:

Purpose of an accounting system includes all the following except:

Prepaid Insurance account is a ______________ :

A trader purchased goods for  4,000 at a trade discount of 5%. As he paid the amount immediately, a cash discount of  100 was also allowed. In this case, Purchases A/c is debited by:

Some of the goods purchased for trading are used for the construction of business

premises. The account to be credited is____________ :