Accounting Concepts – Some Examples Quiz

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Accounting concepts overview

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Kavya

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Accounting Concepts – Some Examples Quiz


Accounting Concepts – Some Examples QuizVersión en línea Accounting concepts overview por Kavya 1 Anticipate no profit and provide for all possible losses a Conservatism b Going Concern c Materiality 2 Capital is treated as liability of the business a Conservatism b Business Entity c Money measurement 3 Method of charging depreciation should not be changed year after year a Consistency b Objectivity / Verifiability c Conservatism 4 Policy of playing safe a Money measurement b Dual Aspect c Conservatism 5 Increase / Decrease in the market value of an asset is not accounted a Materiality b Cost concept c Objectivity / Verifiability 6 There must be a source document for every transaction a Objectivity / Verifiability b Money measurement c Conservatism 7 Rent outstanding is added to Rent A/c a Going Concern b Matching c Materiality 8 Stock of stationary items are not treated as asset, but it is an expense a Materiality b Conservatism c Money measurement 9 Businessman and the firm are separate entities a Business Entity b Dual Aspect c Going Concern 10 For every debit there is a corresponding credit a Money measurement b Dual Aspect c Objectivity / Verifiability 11 Transactions which are measurable in terms of money only be recorded a Going Concern b Money Measurement c Conservatism 12 Business will last for a long period a Going Concern b Dual Aspect c Business Entity 13 Stock is valued at cost price or market price (net realizable value) whichever is lower a Materiality b Money measurement c Conservatism

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Accounting Concepts – Some Examples Quiz

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Accounting Concepts – Some Examples QuizVersión en línea

por Kavya

Anticipate no profit and provide for all possible losses

Capital is treated as liability of the business

Method of charging depreciation should not be changed year after year

Policy of playing safe

Increase / Decrease in the market value of an asset is not accounted

There must be a source document for every transaction

Rent outstanding is added to Rent A/c

Stock of stationary items are not treated as asset, but it is an expense

Businessman and the firm are separate entities

For every debit there is a corresponding credit

Transactions which are measurable in terms of money only be recorded

Business will last for a long period

Stock is valued at cost price or market price (net realizable value) whichever is lower