Match the following accounting concepts with the meaning/implications.
|
Accounting Concept |
Meaning Implication |
||
|
(i) |
Money |
(a) |
Capital of the proprietor is considered as a liability |
|
(ii) |
Business |
(b) |
Fixed assets are |
|
(iii) |
Going concern concept |
(c) |
Changes in purchasing power are ignored |
1
(i) - (a), (ii) - (b), (iii) - (c)
2
(i) - (c), (ii) - (b), (iii) - (a)
3
(i) - (b), (ii) - (a), (iii) - (c)
4
(i) - (c), (ii) - (a), (iii) - (b)