Multiple choice general knowledge

Accounting should be free from personal Bias

  1. Cost Concept

  2. Accrual Concept

  3. Verifying Objective Concept

  4. Revenue Recognition Concept

Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The Verifiable Objective Concept requires that accounting should be free from personal bias and based on verifiable evidence. Accounting entries must be supported by documents like invoices, receipts, and contracts that can be independently verified.