basic accounting concepts
online exam quiz in Accounting concepts,principles and conventions for preparation of CA CPT, CA Foundation, CS Foundation, CMA Foundation exams
Accounting concepts,principles and conventions
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Subject :Fundamentals of Accounting Questions: 30
Chapter: Accounting concepts,principles and conventions
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Question 1 of 25
1. Question
1 pointsWhat is the objective of conservatism?
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Question 2 of 25
2. Question
1 pointsWhat is the affect on the Net Assets if cash is received from debtors of Rs 300000?
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Question 3 of 25
3. Question
1 pointsContingent liabilities are shown in footnote of Balance sheet as per which concept?
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Question 4 of 25
4. Question
1 pointsIn the accounting period , according to which concept , cost incurred to acquire an asset is shown in the balance sheet.
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Question 5 of 25
5. Question
1 pointsDebtors RS 60000. A provision for bad debt is created @5% according to which concept?
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Question 6 of 25
6. Question
1 pointsOutstanding expenses are included in profit and loss account at the end of the year according to which concept?
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Question 7 of 25
7. Question
1 pointsAccording to the prudence concept, closing stock shall be valued at cost or whichever is less.
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Question 8 of 25
8. Question
1 pointsThe accounting convention of matching means—
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Question 9 of 25
9. Question
1 pointsAdvance received from customers is not taken as sales is based on
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Question 10 of 25
10. Question
1 pointsThe entity will remain in the business for an indefinite period of time,according to the accounting concept of
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Question 11 of 25
11. Question
1 pointsA 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.
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Question 12 of 25
12. Question
1 pointsProvision for bad debts is made due to the principle of ——
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Question 13 of 25
13. Question
1 pointsThis accounting concept require the valuation of closing stock at market price,If it is lower than cost.
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Question 14 of 25
14. Question
1 pointsAccording to which concept income tax paid by proprietor is debited to drawings account
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Question 15 of 25
15. Question
1 pointsIncome is recorded when it is realised and expenses are recorded when due, according to the accounting concept of ——
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Question 16 of 25
16. Question
1 pointsAssets are always equal to liabilities
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Question 17 of 25
17. Question
1 pointsThe concept of conservatism when applied to the balance sheet results in ——-
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Question 18 of 25
18. Question
1 pointsAs per accrual concept , which of the following is not true?
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Question 19 of 25
19. Question
1 pointsIf nothing is written in the financial statements about the three fundamental assumptions , the it could be presumed that ——
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Question 20 of 25
20. Question
1 pointsMatching concept is based on Revenue- ———–=Profit
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Question 21 of 25
21. Question
1 pointsRecording of fixed assets at cost ensure adherence of ——–
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Question 22 of 25
22. Question
1 pointsFundamental Accounting assumptions are———
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Question 23 of 25
23. Question
1 pointsWhich of the following does not follow dual aspect?
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Question 24 of 25
24. Question
1 pointsThe rule of ”Lower of cost or market value” is based on which concept?
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Question 25 of 25
25. Question
1 pointsGoods of Rs 10000 is withdrawn for the use in family of the owner of the business.Which account will be debited?
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