The concepts and conventions already stated are broad and [...]

The convention is that when there is a choice [...]

Accounting does not serve a useful purpose if the [...]

Net profit is the difference between revenues and expenses [...]

One is the assets of the business and the [...]

In accounting, profit is regarded as being earned at [...]

The accounting records are limited to those of the [...]

Accounting always assumes that the business will continue for [...]

Accounting is only concerned with those facts that can [...]

Assets are normally shown at cost price – being [...]