Accounting concepts,Principles and conventions(From 2006 to 2017)

Nov 2006.

Provision for bad and doubtful debts is result of ———-

Recording of Fixed Assets at cot ensure adherence of —————

Fundamental Accounting assumptions are———-

When Fixed assets are sold:

The Accounting equation is based on :

————Concept is the basic idea that the business is separate from owner.

The owner of a company included his personal medical expenses in the company’s income statement. Indicates the principle that is violated———–

Two primary quantitative characteristics of financial statements are———-

Money owed from an outsider is a ———–

Cost of machinery : Rs.10,00,000, Installation charges:Rs.1,00,000. Market value on 31.03.2006:Rs.12,00,000. While finalizing the accounts, if the company values the machinery at Rs.12,00,000. Which concept is violated by the company?

Capital as on 1-04-2005 : Rs.90,000, Capital introduced : Rs.25,000.Drawings made :Rs.35,000.Capital as on 31/03/2006: Rs.1,25,000.

What is the amount of profit added to the capital?

GAAP’s are ———–

————refer to the general agreement on the usage and practices in social or economic life.

Double entry principle means———

The underlying accounting principle necessitating amortization of intangible assets is/are——

“Holding gains in relation to stocks should not be used for payment of divided” Which one of the following accounting principle is involved in this?

Going concern concept is no longer valid. Which of the following is true?

Ram starts business with Rs.90,000 and then buys goods from shyam on credit for Rs.23,000.The accounting equation based on

Assets=Capital +Liabilities will be ———-

Window dressing of accounts means:

No inference of profit and the provision making policy for  all possible losses is due to ———–

Which financial statement represents the accounting equation

Assets=Liabilities + Owner’s equity

Ram purchased a car for  Rs.10,000. paid Rs.3000 as cash and balance amount will be paid in three equal installments. Due to this—-

During life time of an entity accountants prepare financial statements at arbitrary points of time as per ———-

The accounting convention of matching means———–

Omission of paise and showing the round figures in financial statements is based on ———–

The adjustment to be made for prepaid expenses is ———–

Which of these is not a fundamental accounting assumption?

Fixed assets and current assets are categorized as per concept of ———-

The obligations of an enterprise other than owner’s fund are known as ———-

Which concept requires that those transactions which can be expressed in terms of money should be recorded in books of account?