📝 One-liners · 65 cards
JAIIB AFM MARATHON 5
What is the meaning of 'Going Concern' concept in accounting?
Going Concern assumes that a business will continue to operate indefinitely and will not be liquidated in the near future, allowing assets to be recorded at cost rather than liquidation value.
What is the meaning of 'Dual Aspect Concept' in accounting?
Every transaction has two aspects: debit and credit.
What does the Matching Concept in accounting require?
The Matching Concept requires that expenses incurred in an accounting period must be matched with the revenues earned during the same period to determine the correct profit or loss.
What is the Profitability Index (PI) in capital budgeting?
Ratio of present value of inflows to initial investment cost.
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