Multiple Choice Questions on A fixed asset costing Rs 40 000 is depreciated over its estimated useful life of 10 years This ........... for UPSC EPFO Exam Preparation

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Multiple Choice Questions

A fixed asset costing Rs 40 000 is depreciated over its estimated useful life of 10 years This ...........

General Accounting Principles Concepts of Accounting
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    A fixed asset costing Rs. 40,000 is depreciated over its estimated useful life of 10 years. This action is related to:

     money measurement concept

    Incorrect Answer

    full disclosure concept
     

    Incorrect Answer

     matching principle

    Correct Answer

    None of the above

    Incorrect Answer
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    Explanation:

    matching principle
    An important concept of accrual accounting, the matching principle states that the related revenues and expenses must be matched in the same period. This is done in order to link the costs of an asset or revenue to its benefits.

    By: NIHARIKA WALIA
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    Abhishek

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    NIHARIKA WALIA

    the benefit of assets is reaped over a period of years so it is distributed among those years as per the benefit of each year explained in matching concept

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