The system of recording transaction based on dual aspect concept is called:

(a) double account system

(b) double entry system

(c) single entry system.

(iii). The practice of appending notes regarding contingent liabilities in accounting statements is in pursuant to:

(a) convention of consistency

(b) money measurement concept

(c) convention of conservation

(d) convention of disclosure.

(iv). According to the money measurement concept, the following will be recorded in the books of accounts of the business:

(a) health of Managing Director of the company

(b) quality of company’s goods

(c) value of plant and machinery