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Accountancy
Commerce
Economics
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Question-1
As per the business entity assumption, the business is different from the
(A)
Owners
(B)
Banker
(C)
Government
(D)
None of these
Question-2
The assets are recorded in books of accounts in the cost of acquisition is based on _______ concept.
(A)
Revenue Realisation
(B)
Historical Cost
(C)
Matching
(D)
None of these
Question-3
A business unit is assumed to have an indefinite life comes under
(A)
Business Entity Concept
(B)
Going Concern Concept
(C)
Accounting Period Concept
(D)
None of these
Question-4
Accounting entity is an
(A)
Accounting concept
(B)
Accounting convention
(C)
Modifying principle
(D)
None of these
Question-5
Business concern must prepare financial statements at least once in a year is based on ________ Assumption.
(A)
Going Concern
(B)
Accounting Period
(C)
Money Measurement
(D)
None of these
Question-6
The rules and guidelines used in preparing accounting reports are called
(A)
Accounting rules
(B)
Basic rules
(C)
Generally Accepted Accounting Principles
(D)
None of these
Question-7
Cost incurred should be matched with the revenues of the particular period is based on.
(A)
Matching concept
(B)
Historical cost concept
(C)
Full disclosure concept
(D)
None of these
Question-8
Stock in trade are to be recorded at cost or market price whichever is less based on _______principle.
(A)
Prudence
(B)
Consistency
(C)
Cost benefit
(D)
None of these
Question-9
________principle requires that the same accounting methods should be followed from one accounting period to the next.
(A)
Consistency
(B)
Materiality
(C)
Cost Benefit
(D)
None of these
Question-10
Business is treated as a unit or entity apart from its owners, creditors and others according to _______ Assumption.
(A)
Money Measurement Assumption
(B)
Accounting Entity Assumption
(C)
Accounting Period Assumption
(D)
None of these
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Plus 1 Commerce
Tamil Nadu (English Medium)
Practice in Related Chapters
Introduction to Accounting
Conceptual Frame work of Accounting
Basic Accounting Procedures I - Double Entry System of Book-Keeping
Basic Accounting Procedures II- Journal
Basic Accounting Procedures III- Ledger
Subsidiary Books I- Cash Book
Bank Reconciliation Statement
Trail Balance and Rectification of Errors
Capital and Revenue Transactions
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