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Question-1
Contingent liability shown in the balance sheet is due to
(A)
Convention of full disclosure
(B)
Convention of consistency
(C)
Convention of meter ability
(D)
Dual aspect concept
Question-2
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-3
GAAP stands for ____________
(A)
General agreement on anticipated profits
(B)
Generally accepted accounting principles
(C)
None of these
(D)
Both of these
Question-4
A concept that a business enterprise will not be sold or liquidated in the near future is known as
(A)
Going concern
(B)
Economic entity
(C)
Monitory unit
(D)
None of the above
Question-5
Accounting to the money measurement concept, which of the following will be recorded in the books of account
(A)
Quality of product sold
(B)
Commission payable to sales manager
(C)
Extra profit earned due to managerial ability
(D)
All the above
Question-6
In determining the net income from the business all costs which are applicable to revenue of the period should be charged against that revenue is envisaged in
(A)
Realization
(B)
Cost concept
(C)
Matching concept
(D)
Money measurement concept
Question-7
Companies prepare financial statement at least yearly due to
(A)
Going concern concept
(B)
Matching concept
(C)
Accounting period concept
(D)
Dual aspect concept
Question-8
The __________ concept requires that the same accounting method should be used from one accounting period to the next
(A)
Matching concept
(B)
Dual aspect
(C)
Consistency
(D)
Objectivity
Question-9
According to going concern concept, a business is viewed as having
(A)
A Indented life
(B)
An indefinite life
(C)
A very long life
(D)
None of these
Question-10
Recognition of expenses in the same period as associated revenues is called__________concept
(A)
Objective
(B)
Materiality
(C)
Matching
(D)
Conservatism
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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
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