Life of a business is divided into equal intervals. Which accounting theory states this?

Business and owner are treated as separate bodies and transactions are to be recorded from the business point of view. Which accounting theory states this?

Expenses and income are recognised when they are incurred and earned regardless of whether cash has been paid or received. Which accounting theory states this?

Accounting methods, once adopted, should be used from period to period to enable meaningful comparisons. Which accounting theory states this?

A business entity is assumed to operate indefinitely unless there is credible evidence that it may close down. Which accounting theory states this?

Transactions should be recorded at original cost reflected on source documents. Which accounting theory states this?

Expenses incurred must be matched against income earned in the same period to determine profit. Which accounting theory states this?

An item is considered material only if it is likely to make a difference to decision-making. Which accounting theory states this?

Only transactions which can be expressed in monetary terms are to be recorded. Which accounting theory states this?

Accounting information recorded must be supported by reliable and verifiable evidence so that financial statements will be free from opinions and biases. Which accounting theory states this?

Accounting treatments chosen should least overstate assets and profits by adjusting for possible losses. Which accounting theory states this?

Revenue is earned when goods have been delivered or when services have been provided. Which accounting theory states this?