Question 9 of 23beginner🧠 RememberFill in the Blanks1 mark

The _____ concept requires that accounting transaction should be free from the bias of accountants and others.

Correct Answer

Objectivity

Exercise: Test Your Understanding - II | Q: 5 | (Page 11)
For More Understanding

Explanation

The provided text explicitly defines the Objectivity concept in point 15: 'According to this concept, accounting transactions should be recorded in the manner so that it is free from the bias of accountants and others.' This concept ensures that accounting is based on verifiable documents like vouchers and invoices rather than personal opinions.

Solution Steps

  1. Step 1: Scan the provided text for the specific phrase 'free from the bias of accountants and others'.

  2. Step 2: Identify the term associated with this definition, which is 'Objectivity'.

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