Give the word term or phrase which can substitute each of the followin

1.	Give the word term or phrase which can substitute each of the following statement :(i) Amount of discount deducted from the invoice price.(ii) The reputation of a business is expressed in terms of money.(iii) The concept states that assets when purchased should be recorded at cost price.(iv) The concept states that business operations will continue forever.(v) A concept on which a double-entry bookkeeping system is based.
Answer» (i) Trade discount (ii) Goodwill (iii) Cost concept (iv) Concept of Going Concern (v) Dual Aspect Concept

Give the word term or phrase which can substitute each of the following statement :(i) Amount of discount deducted from the invoice price.(ii) The reputation of a business is expressed in terms of money.(iii) The concept states that assets when purchased should be recorded at cost price.(iv) The concept states that business operations will continue forever.(v) A concept on which a double-entry bookkeeping system is based.

Answer»

(i) Trade discount

(ii) Goodwill

(iii) Cost concept

(iv) Concept of Going Concern

(v) Dual Aspect Concept