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Question-1
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-2
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-3
Accounting principle are also called as _________
(A)
Postulates
(B)
Conventions
(C)
Assumptions
(D)
All of these
Question-4
Stock in trade is valued at cost price or market price which ever is less as per convention of
(A)
Consistency
(B)
Conservatism
(C)
Materiality
(D)
Full disclosure
Question-5
The capital invested in a business is treated as _________ as per business entity concept
(A)
Liability
(B)
Asset
(C)
None of these
(D)
All of these
Question-6
Accounting entity is an ______
(A)
Accounting concept
(B)
Accounting convention
(C)
Modifying principles
(D)
All of these
Question-7
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-8
Every business transactions has two aspects one on debit and another on credit is based on _________ concept
(A)
Periodically
(B)
Historical cost
(C)
Dual aspect
(D)
None of these
Question-9
Recognition of expenses in the same period as associated revenues is called__________concept
(A)
Objective
(B)
Materiality
(C)
Matching
(D)
Conservatism
Question-10
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
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Plus 1 Commerce
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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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