The verifiable objective evidence concept states that all accounting
transactions should have evidence and must be supported by business
documents and vouchers.
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This is the basic concept of accounting. According to this concept, every financial transaction involves a two-folded aspect, (a)yielding ... -
Contra Entry :- If a transaction requires entries on both the debit and the credit sides simultaneously, it is called 'Contra entry...
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Illustration 1 Rectify the following error and find out the effect of the errors on Net Profit. a. Purchases of Rs.300 from Raman passe...
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