About Going Concern Concept:
1) It assumes that the business will continue its operations for a foreseeable future.
2) Assets are always recorded and shown in balance sheets at their current market value rather than historical cost. Correct statement 👇

Regarding Deferred Revenue Expenditure:
1) It is a revenue expenditure in nature, but its benefit extends over more than one accounting period.
2) Heavy expenditure incurred on advertising a new product launch is an example of deferred revenue expenditure

About the Accrual Basis of Accounting:
1) Revenue is recognized when cash is actually received from customers.
2)Expenses are matched against revenues of the period in which they helped generate those revenues.

Regarding the Prudence (Conservatism) Principle:
1) It mandates that all prospective profits should be recorded in advance, but potential losses should be ignored.
2) Creation of a Provision for Bad and Doubtful Debts is based on this convention.

1) Bookkeeping is primary stage.
2) Accounting begins where bookkeeping ends.
3) Bookkeeping requires advanced analytical skills, whereas accounting relies mainly on routine clerical work.