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Accountancy
Commerce
Economics
Statistics
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Question-1
________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-2
Under _______ assumption, only those business transactions and events which are of financial nature are recorded.
(A)
Going Concern Assumption
(B)
Accounting Period Assumption
(C)
Money Measurement Assumption
(D)
None of these
Question-3
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-4
As per dual aspect concept, every business transaction has
(A)
Three aspects
(B)
One aspect
(C)
Two aspect
(D)
None of these
Question-5
Accounting entity is an
(A)
Accounting concept
(B)
Accounting convention
(C)
Modifying principle
(D)
None of these
Question-6
The principle of revenue realisation deals with
(A)
Matching Principle
(B)
Dual Aspect
(C)
Revenue Realisation
(D)
None of these
Question-7
Transactions between owner and business are recorded separately due to ________assumption.
(A)
Business entity
(B)
Money Measurement
(C)
Accounting period
(D)
None of these
Question-8
The benefits to be derived from the accounting information should exceed its cost is based on ________ principle.
(A)
Consistency
(B)
Materiality
(C)
Cost Benefit
(D)
None of these
Question-9
________ refer to certain necessary assumption or condition on which the accounting system is based.
(A)
Accounting Principles
(B)
Accounting Assumptions
(C)
Modifying Principles
(D)
None of these
Question-10
Going concern assumption tell us the life of the business is
(A)
Very short
(B)
Very long
(C)
No existence
(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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