cs foundation subject list-theoretical Framework – Test 5

Different accounting policies can be adopted in following areas-

A specific accounting policy refers to-

The determination of the amount of bad debts is an accounting-

Generally, which of the following measurement bases are usually accepted in accounting parlance?

Book value & Market value of machinery on 31.3.2019 was 1,00,000 & 1,10,000 respectively. As on 31.3.2019, if the company values the machinery at 1,10,000, which of the following valuation principle is being followed-

According to__________Dictionary for Accountants, an account has been defined as a formal record of a particular type of transaction expressed in money.

All accounts are classified into-

Accounts recording transactions with a person or group of persons are known-

Personal accounts is of the following types.

An account recording transactions with an individual human being is termed as a-

Accounts relating to properties or assets are known as-

An account recording financial transactions with an artificial person created by law or otherwise are termed as-

Real accounts can be further classified into-

Accounting which represent a certain person or group of personals are termed as-

Accounts relating to income, revenue, gain expenses and losses are termed as-

_________ represent assets and properties which cannot be seen, touched or felt but they can be measured in terms of money.

The rule for nominal accounts is-

The rule for personal accounts is-

The rule for real accounts is-

Kamal,s account, Mala’s account, Sharma’s accounts are example of-

Firm’s accounts, limited companies accounts, educational institutions account, co-operative society account are example of-

Prepaid insurance, outstanding salaries are example of-

Wages account, rent account, commission account, Interest received account are examples of-

Goodwill accounts, patents account, trademarks account, copyrights account are examples of-

Provision for doubtful debts account, stock reserve account etc. are-