Read the text. Decide whether these statements are TRUE, FALSE or NOT STATED.
  1. There is no conflict between Accruals or Matching concept and Prudence or Conservatism principle.
    True
    False
    Not stated
  2. There are more than 20 conventions that provide some guidelines for the accountants.
    True
    False
    Not stated
  3. Business entity convention asserts that business is the same as the owner.
    True
    False
    Not stated
  4. Separation of owner and business makes the picture shown by the business accounts more objective.
    True
    False
    Not stated
  5. Double-entry bookkeeping is based on the Duality convention.
    True
    False
    Not stated
  6. Duality convention asserts that every transaction should be done according to Newton’s third law.
    True
    False
    Not stated