CPT Exam Accounting concepts,principles and conventions

What is the objective of conservatism?

What is the affect on the Net Assets if cash is received from debtors of Rs 300000?

Contingent liabilities are shown in footnote of Balance sheet as per which concept?

In the accounting period , according to which concept , cost incurred to acquire an asset is shown in the balance sheet.

Debtors RS 60000. A provision for bad debt is created @5% according to which concept?

Outstanding expenses are included in profit and loss account at the end of the year according to which concept?

According to the prudence concept, closing stock shall be valued at cost or whichever is less.

The accounting convention of matching means—

Advance received from customers is not taken as sales is based on

The entity will remain in the business for an indefinite period of time,according to the accounting concept of

A pays RS 48,000 on o1-06-2009 towards yearly subscription (July o1/2009 to June,30/2010) of a magazine  . It means he has to make adjustment of —–

for finalization of accounts for the year ended 31/03/2010.

Provision for bad debts is made due to the principle of ——

This accounting concept require the valuation of closing stock at market price,If it is lower than cost.

According to which concept income tax paid by proprietor is debited to drawings account

Income is recorded when it is realised and expenses are recorded when due, according to the accounting concept of ——

Assets are always equal to liabilities

The concept of conservatism when applied to the balance sheet results in ——-

As per accrual concept , which of the following is not true?

If nothing is written in the financial statements about the three fundamental assumptions , the it could be presumed that ——

Matching concept is based on   Revenue-   ———–=Profit

Recording of fixed assets at cost ensure adherence of ——–

Fundamental Accounting assumptions are———

Which of the following does not follow dual aspect?

The rule of ”Lower of cost or market value” is based on which concept?

Goods of Rs 10000 is withdrawn for the use in family of the owner of the business.Which account will be debited?