Q.1
The allocation of owner's private expenses to his/her business violates which of the following?
Q.2
The going concern concept assumes that
Q.3
An alternative term used for accumulated depreciation expenses?
Q.4
Under which depreciation method, the amount of depreciation expenses remains same throughtout the life of the asset?
Q.5
Assets minus liabilities equal to
Q.6
Which of the following financial statements shows the movement of cash and cash equivalents during an accounting period?
Q.7
Goodwill is classified as which one of the following assets?
Q.8
Purchases + opening stock - closing stock = ?
Q.9
Which of the following financial statements shows the financial position of a business at a specific date?
Q.10
Land on lease should be shown in Blance sheet contrary to the fact that the company does not own that piece of land is the implementation of which accounting concept?
Q.11
Depreciation is charged on fixed assets to comply with which of the following accounting principle?
Q.12
Net profit is computed in which of the following?
Q.13
Using 'lower of cost and net realisable value' for the purpose of inventory valuation is the implementation of which of the following concepts?
Q.14
The concept of 'separate entity' is applicable to which of the following types of businesses?
Q.15
Which of the following is a selling expense?
Q.16
A debit balance in the bank statement indicates
Q.17
American companies prepare their financial statement in Dollars whereas Japanese companies produce financial statement in Yen. This is an example of:
Q.18
Which of the following is time spann into which the total life of a business is divided for the purpose of preparing financial statements?
Q.19
Information about an item is _______ if its ommission or misstatement might influence the financial decision of the users taken on the basis of that information
Q.20
Documentary evidence, in a specific format used to record the details of a transaction is known as
Q.21
Cost incurred for the maintenance of shop is considered as
Q.22
Stock of a Trading concern consists of
Q.23
Expenditure incurred annually on renewal of patent is a
Q.24
Does prudence concept allow a business to build substantially higher reserves or provisions than that are actually required?
Q.25
The revenue recognition principle dictates that all types of incomes should be recorded or recognized when
Q.26
Which one of the following is NOT true about capital expenditure?
Q.27
Which of the following is not an item of Balance Sheet?
Q.28
Which one of the following statement is CORRECT about long term liabilities?
Q.29
Which one of the following can offer its share to public at large?
Q.30
Double entry accounting system includes
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