state whether the following statements are true false 621533

State whether the following statements are true or false:

1. Revenues are a measure of inflow of assets.
2. Business income is the net increase in the owner’s capital.
3. Accounting income is not necessarily a business income.
4. The terms net profit and net income are synonyms in the measurement of business income.
5. Business income is based on the actual transactions.
6. Business income need not be based on the revenue principle.
7. Business income is an ex-post income.
8. Business income ignores the unrelated profits and losses resulting from the holding of fixed assets.
9. Business income ignores historical cost concept.
10. No standardized procedure exists for the measurement of business income.
11. The doctrine of going concern (entity) is essential for the measurement of business income.
12. Accounting period is not very essential for measurement of business income.
13. The matching concept is an important basis for the computation of business income.
14. Business income is based on purchasing power of the rupee.
15. Economic income is consumption in the given period plus changes in the value of capital