This concept state that all assets of the business should be presented in money terms

Going Concern concept This is the assumption that the owners of the business has no intention to liquidate the business, and that the business will continue trading for a forseable future. Consistency This rule states that a business must adopt one method of presenting its financial information and stick to it  and should not change this … Read more

Example of capital expenditure include buying fixed assets of long term value to the business,these items has to be used for a lifetime of more than a year in the business,example include purchase of van,buildings,and furniture revenue expenditure is that expenditure incurred in the day to day running of the business, this will include buying … Read more