Smartindia Classroom
CONTENTS
Accountancy
Business Studies
Computer Science
English I
Economics
English II
Back to home
Start Practice
Question-1
According to going concern concept the business will continue for a ___________ in future
(A)
Long time
(B)
Short time
(C)
None of these
(D)
Both of these
Question-2
The primary qualities that make accenting information useful for decision making are
(A)
Relevance and freedom from bias
(B)
Reliability and comparability
(C)
Comparability and consistency
(D)
None of the above
Question-3
Revenue is generally recognized as being earned at the point of time ____________
(A)
Order for sale is received
(B)
Cash is received
(C)
Production is completed
(D)
Sale is effected
Question-4
The convention of conservatism takes in to account
(A)
All prospective profit and all prospective loss
(B)
All prospective profit but leaves all prospective losses
(C)
All prospective losses but leaves all prospective profits
(D)
None of these
Question-5
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-6
Dual aspect principle is also known as __________
(A)
Matching principles
(B)
Accounting equivalence concept
(C)
Cost benefit principle
(D)
None of these
Question-7
The necessary assumption in which accounting system is based refers to
(A)
Accounting convention
(B)
Accounting concepts
(C)
accounting rules
(D)
None of these
Question-8
GAAP stands for ____________
(A)
General agreement on anticipated profits
(B)
Generally accepted accounting principles
(C)
None of these
(D)
Both of these
Question-9
The concept of conservatism is also called _____
(A)
Prudence
(B)
Objectivity
(C)
Realization
(D)
None of these
Question-10
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
Your Score 0/10
Click
here
to see your answersheet and detailed track records.
Plus 1 Commerce
ICSE/ISC
Practice in Related Chapters
Introduction Of Accounting
Concepts, Standards And Basis
Classification Of Accounts Under Double Entry System And Accounting Equation
Ledger
Trial Balance
Final Accounts Or (Financial Statements)
Journal
Sub-Division Of Journal : Cash Book
Sub-Division Of Journal : Specified purpose Subsidiary
Bank Reconciliation Statement
Rectification Of Errors
Capital And Revenue Expenditure/Income
Depreciation Accounting
Provisions And Reserves
Single Entry System : Accounts From Incomplete Records
Accounts of Non Trading Organization
Bills of Exchange
Introduction To The Use Of Computers In Accounting
Accounting concepts,standards and basis
Introduction to Accounting
Depreciation, Provision and Reserves
Trial Balance and Rectification of Errors
Depreciation, Provision and Reserves
Powered By
