For each of the statements given below, write whether it is true or false. Indicate your answer by writing TRUE if the statement is correct or FALSE if the statement is incorrect in your answer booklet.

Question

(i) It is on the basis of going concern concept that the assets are always valued at market value.

(ii) According to periodic matching of cost and revenue concept, a business man has not only to measure revenues in a particular accounting period but also has to calculate expenses which can be assigned in earning such revenues.

(iii) Entrance fees, if treated as non-recurring in nature, should be taken to the Income and Expenditure Account.

(iv) According to money measurement concept, the efficiency of the top management of the business must be clearly recorded in the book of accounts.

(v) Journal proper is used for recording only those transactions that cannot be recorded in any of the subsidiary books.

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