accounting principles
online test in accounting principles. practicing questions & answers in accounting principles are useful in preparation of CA CPT, CA foundation, CS foundation, CMA foundation exams
Accounting concepts,Principles and conventions 2
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Subject :Fundamentals of Accounting Questions: 30
Chapter: Accounting concepts,Principles and conventions 2
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Question 1 of 25
1. Question
1 pointsWhen fixed assets are sold for cash———–
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Question 2 of 25
2. Question
1 pointsThe accounting equation is based on————
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Question 3 of 25
3. Question
1 points———–Concept is the basis idea that the business is separate from owner.
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Question 4 of 25
4. Question
1 pointsA machinery was purchased for Rs 10,00,000. Cash was paid Rs 5,50,000 and for the balance a bill was drawn for 30 days. what will be the effect on fixed assets?
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Question 5 of 25
5. Question
1 points———— Concept requires that those transactions which cannot be expressed in term of money should not be recorded in books of accounts?
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Question 6 of 25
6. Question
1 pointsGenerally we ignore paise and show the round figures in financial statements. This is in line with
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Question 7 of 25
7. Question
1 pointsUnrealised gains in respect of stock cannot be used for distribution of dividend.———-Accounting principle is involved in this statement.
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Question 8 of 25
8. Question
1 pointsIf going concern concept is no longer valid,select the true statement out of the following?
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Question 9 of 25
9. Question
1 points———-Of the following is not a fundamental accounting assumption?
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Question 10 of 25
10. Question
1 pointsNon-Current assets and current assets categorisation is based on the concept of—-
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Question 11 of 25
11. Question
1 pointsThe underlying accounting concept necessitates amortisation of intangible assets is/are———
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Question 12 of 25
12. Question
1 pointsDuring life-time of an entity .Accountants generally prepare financial statements at the end of a year as per——–concept.
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Question 13 of 25
13. Question
1 pointsWindow dressing of accounts means———
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Question 14 of 25
14. Question
1 pointsDouble entry principle means ———–
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Question 15 of 25
15. Question
1 pointsThe obligations of an enterprise other than owner’s fund are————–
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Question 16 of 25
16. Question
1 pointsIn accounting we do not record non-monetary transactions because of ———-
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Question 17 of 25
17. Question
1 points———–Refer to the general agreement on the usage and practices in social or economic life.
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Question 18 of 25
18. Question
1 pointsNo inference of profit and the provision making policy for all possible losses is due to ———–
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Question 19 of 25
19. Question
1 pointsEstimated selling price less estimated cost of sales is ——–
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Question 20 of 25
20. Question
1 pointsUnpaid expenses are ———
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Question 21 of 25
21. Question
1 pointsTwo primary quantitative characteristic of financial statements are———
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Question 22 of 25
22. Question
1 pointsIncome from sale is recorded when actually received,according to the accounting concept of —————-
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Question 23 of 25
23. Question
1 pointsGAAP’s are———–
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Question 24 of 25
24. Question
1 pointsRecording of capital contributed by the owner as liability ensures adherence of principle of———-
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Question 25 of 25
25. Question
1 pointsProprietor is treated as creditor of business due to ——–
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