-
question_answer1)
First of all, double entry system was introduced in
A)
America done
clear
B)
Japan done
clear
C)
India done
clear
D)
Italy done
clear
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question_answer2)
The policy of "Anticipate no profit and provide for all possible losses" arises due to convention of
A)
Disclose done
clear
B)
materiality done
clear
C)
Conservatism done
clear
D)
consistency done
clear
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question_answer3)
Which of following is the accounting equation?
A)
Capital = Assets + Liabilities done
clear
B)
Capital = Liabilities - Assets done
clear
C)
Assets = Liabilities - Capital done
clear
D)
Liabilities = Assets Capital done
clear
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question_answer4)
Which of the following Accounting Standards is related to fixed assets?
A)
AS7 done
clear
B)
AS 8 done
clear
C)
AS 9 done
clear
D)
AS 10 done
clear
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question_answer5)
AS 26 is related to
A)
Intangible assets done
clear
B)
investments done
clear
C)
Depreciation done
clear
D)
net profit done
clear
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question_answer6)
The system of recording transactions based on dual aspect concept is called
A)
Double account system done
clear
B)
Single account system done
clear
C)
Double entry system done
clear
D)
Single entry system done
clear
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question_answer7)
The following accounting standard is applied for providing depreciation.
A)
AS 3 done
clear
B)
AS 4 done
clear
C)
AS 5 done
clear
D)
AS 6 done
clear
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question_answer8)
Which one of the following is not a part of accounting process?
A)
Recording done
clear
B)
Classification done
clear
C)
Distribution done
clear
D)
Interpretation done
clear
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question_answer9)
This is the most scientific, complete and accurate system of accounting
A)
Single Entry System done
clear
B)
Double Entry System done
clear
C)
Hindustani System done
clear
D)
Cash System done
clear
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question_answer10)
Which one of the following is not a, stage of double entry system?
A)
Books of Original Entry done
clear
B)
Posting done
clear
C)
Trial Balance done
clear
D)
Suspense Account done
clear
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question_answer11)
Business transactions are recorded first of all in the
A)
Journal done
clear
B)
Ledger done
clear
C)
Trial Balance done
clear
D)
Final Accounts done
clear
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question_answer12)
Which one of the following is not an objective of accounting?
A)
To keep systematic records done
clear
B)
To make profitable investment done
clear
C)
To ascertain profit or loss done
clear
D)
To know financial position done
clear
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question_answer13)
The first stage of double entry system is
A)
Original records done
clear
B)
posting done
clear
C)
Classification done
clear
D)
trial Balance done
clear
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question_answer14)
Book keeping is a system of recording these transaction of business
A)
Economic done
clear
B)
business done
clear
C)
Monetary done
clear
D)
financial done
clear
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question_answer15)
Revenue is considered as being earned when
A)
Cash is received done
clear
B)
sale is effected done
clear
C)
Production is done done
clear
D)
None of the above done
clear
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question_answer16)
Accounting standards board was set up in India in the year
A)
1964 done
clear
B)
1975 done
clear
C)
1977 done
clear
D)
1980 done
clear
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question_answer17)
The job of an accountant is ...........in nature.
A)
Analytical done
clear
B)
clerical done
clear
C)
Routine done
clear
D)
None of these done
clear
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question_answer18)
Which of the following statements is correct?
A)
Accounting involves only the recording of business transactions done
clear
B)
Amount owed to outsiders (other than proprietor) is called capital done
clear
C)
Debit means decrease in assets done
clear
D)
Accounting is the language of business done
clear
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question_answer19)
Which accounting concept is also known as periodicity assumption?
A)
Money measurement concept done
clear
B)
Going concern concept done
clear
C)
Accounting period concept done
clear
D)
Accounting entity concept done
clear
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question_answer20)
Revenue is generally recognised at the point of sale. Which principle is applied herein?
A)
Consistency done
clear
B)
Cost principle done
clear
C)
Revenue recognition done
clear
D)
None of these done
clear
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question_answer21)
The assumption that a business enterprise will not be sold or liquidated in the near future is known as
A)
Monetary unit done
clear
B)
going concern done
clear
C)
Conservatism done
clear
D)
periodicity done
clear
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question_answer22)
Companies must prepare financial statements atleast yearly due to the assumption of
A)
Periodicity done
clear
B)
cost-benefit done
clear
C)
Conservatism done
clear
D)
matching done
clear
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question_answer23)
'Following the WDV method of depreciating a particular asset year after year'. State the name of the relevant accounting principle applied herein.
A)
Conservatism principle done
clear
B)
Materiality principle done
clear
C)
Full disclosure principle done
clear
D)
Consistency principle done
clear
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question_answer24)
The primary qualities that make accounting information useful for decision-making are
A)
Comparability and consistency done
clear
B)
Materiality and. timeliness done
clear
C)
Relevance and reliability done
clear
D)
Reliability and comparability done
clear
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question_answer25)
According to a going concern concept, a business is viewed as having
A)
a limited life done
clear
B)
an indefinite life done
clear
C)
a very long life done
clear
D)
None of the above done
clear
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question_answer26)
A business transaction affects
A)
At least one account done
clear
B)
At least two accounts done
clear
C)
Maximum of two accounts done
clear
D)
Maximum of three accounts done
clear
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question_answer27)
The branch of accounting is
A)
Management accounting done
clear
B)
Cost accounting done
clear
C)
Financial accounting done
clear
D)
All of the above done
clear
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question_answer28)
Which of the following branch of accounting is concerned with record keeping directed towards the preparation of trial balance, profit and loss account, balance sheet?
A)
Management Accounting done
clear
B)
Cost Accounting done
clear
C)
Financial Accounting done
clear
D)
All of the above done
clear
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question_answer29)
Which branch of accounting aims to ascertain the cost of a product and to help the management in the control of cost?
A)
Management Accounting done
clear
B)
Financial Accounting done
clear
C)
Cost Accounting done
clear
D)
None of the above done
clear
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question_answer30)
Accrual system of accounting is also known as
A)
Mercantile system of accounting done
clear
B)
Ordinary system of accounting done
clear
C)
Both (a) and (b) done
clear
D)
None of the above done
clear
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question_answer31)
The accounting principles can be classified into
A)
Accounting concepts done
clear
B)
Accounting conventions done
clear
C)
Both (a) and (b) done
clear
D)
None of the above done
clear
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question_answer32)
The common denominator chosen in accounting is
A)
Monetary unit done
clear
B)
Revenue matching done
clear
C)
Mercantile done
clear
D)
None of the above done
clear
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question_answer33)
Dual aspect concept is based on
A)
Single entry book keeping done
clear
B)
Triple entry system done
clear
C)
Double entry book keeping done
clear
D)
None of the above done
clear
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question_answer34)
The term 'matching' means
A)
Appropriate association of related revenues and expenses done
clear
B)
Appropriate association of relation losses and gains done
clear
C)
Both (a) and (b) done
clear
D)
None of the above done
clear
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question_answer35)
Which convention implies that the accounting practices should remain the same from year-to-year?
A)
Disclosure done
clear
B)
Consistency done
clear
C)
Materiality done
clear
D)
Conservatism done
clear
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question_answer36)
'Making provisions for bad debts in respect of doubtful debts' is an example of which accounting convention?
A)
Disclosure done
clear
B)
Consistency done
clear
C)
Materially done
clear
D)
Conservatism done
clear
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question_answer37)
Book-keeping is mainly concerned with
A)
Designing for systems of recording, classifying and summarizing recorded data done
clear
B)
Recording financial data relating to business operations done
clear
C)
Interpreting data for internal and external users done
clear
D)
All of the above done
clear
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question_answer38)
The basic function of financial accounting is to
A)
Record all business transactions done
clear
B)
Interpret financial data done
clear
C)
Assist the management in performing functions effectively done
clear
D)
None of the above done
clear
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question_answer39)
Which of the following is not an internal user of financial statements?
A)
Lenders done
clear
B)
Managers done
clear
C)
Board of Directors done
clear
D)
Employees done
clear
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question_answer40)
Which of the following will not be recorded in the books of accounts?
A)
Paid rent for office premises ` 10000 done
clear
B)
Paid commission for purchase of raw material ` 200 done
clear
C)
Purchased goods on credit ` 15000 for resale done
clear
D)
Resignation of manager Mr. Mohan done
clear
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question_answer41)
The main objective (s) of book-keeping is/are
A)
Complete recording of transactions done
clear
B)
Ascertainment of financial effect on the business done
clear
C)
Analysis and interpretation of data done
clear
D)
Both (a) and (b) done
clear
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question_answer42)
Financial statements are a part of
A)
book-keeping done
clear
B)
accounting done
clear
C)
Both (a) and (b) done
clear
D)
None of the above done
clear
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question_answer43)
The direct advantages of accounting do not include
A)
Preparation of financial statements done
clear
B)
Ascertainment of profit or loss done
clear
C)
Competitive advantage done
clear
D)
Information to interested groups done
clear
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question_answer44)
Contingent liabilities are shown in footnote of balance sheet as per which concept?
A)
Disclosure done
clear
B)
Dual aspect done
clear
C)
Realisation done
clear
D)
Materiality done
clear
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question_answer45)
Two primary qualitative characteristics of financial statements are
A)
Materiality and reliability done
clear
B)
Understandability and materiality done
clear
C)
Relevance and reliability done
clear
D)
Relevance and understandability done
clear
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question_answer46)
How many accounting standards in India are issued by ICAI?
A)
30 done
clear
B)
31 done
clear
C)
32 done
clear
D)
29 done
clear
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question_answer47)
Accounting standards in India are issued by
A)
Reserve Bank of India done
clear
B)
Central Government done
clear
C)
State Government done
clear
D)
Institute of Chartered Accountants of India done
clear
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question_answer48)
The purpose of accounting standard is to
A)
Harmonise accounting policies done
clear
B)
Eliminate the non-comparability of financial statements done
clear
C)
Improve reliability of financial statements done
clear
D)
All of the above done
clear
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question_answer49)
AS 8 on accounting for research and development
A)
is applicable only to listed companies done
clear
B)
is replaced by AS 26 done
clear
C)
is mandatory for research institutions done
clear
D)
is still in use done
clear
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question_answer50)
The accounting standards are mandatory for
A)
Partnership concerns done
clear
B)
Charitable organisations done
clear
C)
Companies done
clear
D)
Sole proprietorship done
clear
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question_answer51)
AS 2 is on
A)
Revenue recognition done
clear
B)
Disclosure of accounting policies done
clear
C)
Valuation of inventories done
clear
D)
Depreciation accounting done
clear
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question_answer52)
Accounting standard for fixed assets is
A)
AS10 done
clear
B)
AS 11 done
clear
C)
AS 12 done
clear
D)
AS 22 done
clear
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question_answer53)
Accounting standards .......... the statue.
A)
Can over-ride done
clear
B)
may over-ride done
clear
C)
Cannot over-ride done
clear
D)
None of the above done
clear
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question_answer54)
IASB stands for
A)
International Accounting Standards Board done
clear
B)
Indian Accounting Standards Boards done
clear
C)
International Accounting Standards Bulletin done
clear
D)
Indian Accounting Standards Bulletin done
clear
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question_answer55)
Which of the following is an example of an accounting policy?
A)
Valuation of investments done
clear
B)
Realisation done
clear
C)
Materiality done
clear
D)
Dual aspect done
clear
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question_answer56)
In Accounting Standard 1, fundamental accounting assumptions should
A)
Be disclosed, if not followed done
clear
B)
Be disclosed in notes to accounts done
clear
C)
Always be disclosed done
clear
D)
be disclosed in auditors report done
clear
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question_answer57)
AS 1 disclosure should form a part of
A)
The auditors report done
clear
B)
The directors report done
clear
C)
The final accounts done
clear
D)
The books of accounts done
clear
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question_answer58)
A change in accounting policy is justified to
A)
Comply with law done
clear
B)
Comply with accounting standard done
clear
C)
Ensure more appropriate presentation of financial statements done
clear
D)
All of the above done
clear
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question_answer59)
The determination of the amount of provision of bad debts is an accounting
A)
Estimate done
clear
B)
parameter done
clear
C)
Policy done
clear
D)
None of the above done
clear
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question_answer60)
Fundamental accounting assumptions are
A)
Going concern, conservatism, accrual done
clear
B)
Going concern, matching, consistency done
clear
C)
Going concern, consistency, accrual done
clear
D)
Going concern, entity, periodicity done
clear
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question_answer61)
What is the objective of conservatism?
A)
Consider all losses done
clear
B)
Consider all incomes and losses done
clear
C)
Anticipate losses but not profits done
clear
D)
None of the above done
clear
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question_answer62)
In the accounting period, according to which concept, cost incurred to acquire an asset is shown in the balance sheet?
A)
Cost concept done
clear
B)
Business concept done
clear
C)
Realisation concept done
clear
D)
Accounting period concept done
clear
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question_answer63)
Outstanding expenses are included in the profit and loss account at the end of the year according to which concept?
A)
Matching done
clear
B)
Accrual done
clear
C)
Going concern done
clear
D)
Full disclosure done
clear
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question_answer64)
According to the prudence concept, closing stock shall be valued at cost or ......... whichever is less.
A)
Net realisable value done
clear
B)
market price done
clear
C)
Accounting price done
clear
D)
standard price done
clear
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question_answer65)
Provision for bad debts is made due to the principle of
A)
Conservatism done
clear
B)
materiality done
clear
C)
Consistency done
clear
D)
full disclosure done
clear
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question_answer66)
Advance received from customers is not taken as sale, is based on
A)
Money measurement concept done
clear
B)
Conservatism concept done
clear
C)
Accrual concept done
clear
D)
Consistency concept done
clear
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question_answer67)
According to which concept, income tax paid by proprietor is debited to drawings account?
A)
Conservatism done
clear
B)
Cost done
clear
C)
Going concern done
clear
D)
Entity concept done
clear
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question_answer68)
The concept of conservatism when applied to the balance sheet, results in
A)
Overstatement of capital done
clear
B)
Overstatement of assets done
clear
C)
Understatement of capital done
clear
D)
Understatement of assets done
clear
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question_answer69)
As per accrual concept, which of the following is not true?
A)
Revenue - Profit = Expenses done
clear
B)
Collection from customers - Expenses = Profit done
clear
C)
Revenue = Profit + Expenses done
clear
D)
None of the above done
clear
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question_answer70)
Generally, we ignore paise and show the round figures in financial statements. This is in line with
A)
Consistency concept done
clear
B)
Materiality concept done
clear
C)
Conservatism concept done
clear
D)
Realisation concept done
clear
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question_answer71)
The underlying accounting concept which necessitates amortisation of intangible assets is/are
A)
Realisation concept done
clear
B)
matching concept done
clear
C)
Cost concept done
clear
D)
Both b and c done
clear
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question_answer72)
Window dressing of accounts means
A)
Presenting accounts in beautiful manner done
clear
B)
Showing more losses to avoid income tax done
clear
C)
Showing more profits to attract investment done
clear
D)
All of the above done
clear
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question_answer73)
Select the odd one out in relation to users of accounting information.
A)
Debtors done
clear
B)
officers done
clear
C)
Managers done
clear
D)
board of directors done
clear
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question_answer74)
According to AS-6 'Depreciation Accounting', issued by the ICAI, change in method is permitted.
A)
Prospectively done
clear
B)
retrospectively done
clear
C)
Negatively done
clear
D)
All of the above done
clear
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question_answer75)
If accounting information is based on facts and it is verifiable by documents it has the quality of
A)
Relevance done
clear
B)
understandability done
clear
C)
Reliability done
clear
D)
comparability done
clear
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question_answer76)
Everything a firm owns, it also owes out to somebody. This co-incidence is explained by the concept.
A)
Dual aspect done
clear
B)
prudence done
clear
C)
Money measurement done
clear
D)
revenue recognition done
clear
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question_answer77)
Which of the following is not the limitation of accounting?
A)
Based on accounting conventions done
clear
B)
Evidence in legal matters done
clear
C)
Incomplete information done
clear
D)
Omission of qualitative information done
clear
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question_answer78)
How many accounting standards have been issued by ICAI?
A)
12 done
clear
B)
20 done
clear
C)
22 done
clear
D)
32 done
clear
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question_answer79)
Arrange the following is chronological order about the accounting transactions and events are recorded in the books. |
I. Ledger |
II. Trial Balance |
III. Journal |
IV. Subsidiary Books |
Codes
A)
III, IV, I, II done
clear
B)
III, I, IV, II done
clear
C)
IV, III, II, I done
clear
D)
III, I, II, IV done
clear
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question_answer80)
Which of the following practices is not in consonance with the convention of conservatism?
A)
Creating provision for bad debts done
clear
B)
Creating provision for discount on creditors done
clear
C)
Creating provision for discount on debtors done
clear
D)
Creating provision for tax done
clear
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question_answer81)
Which of the following is not the conventions under accounting?
A)
Materiality done
clear
B)
Consistency done
clear
C)
Prodence done
clear
D)
Objectivity done
clear
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question_answer82)
Which of the following is the characteristic of accounting principle?
A)
Objectivity done
clear
B)
Value neutrality done
clear
C)
Consistency done
clear
D)
Hypothesis done
clear
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question_answer83)
Match the following
List I | List II |
A. | Income and financial position assessed | 1. | Consistency concept |
B. | Anticipate no profit and provide for all possible losses | 2. | Going concern concept |
C. | Assets are depreciated on the basis of expected life rather than on the basis of market value | 3. | Conservatism concept |
D. | The comparison of one accounting period with that in the past is possible | 4. | Matching concept |
Codes
A)
A\[\to \]4, B\[\to \]3, C\[\to \]2, D\[\to \]1 done
clear
B)
A\[\to \]2, B\[\to \]1, C\[\to \]4, D\[\to \]3 done
clear
C)
A\[\to \]4, B\[\to \]3, C\[\to \]1, D\[\to \]2 done
clear
D)
A\[\to \]3, B\[\to \]4, C\[\to \]1, D\[\to \]2 done
clear
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question_answer84)
The basic concept related to profit and loss account is/are
A)
Realisation concept done
clear
B)
matching concept done
clear
C)
cost concept done
clear
D)
Both (a) and (b) done
clear
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question_answer85)
Which of the following statements is correct?
A)
Accounting principles represent laws fixed by the respective governments done
clear
B)
Accounting principles represent laws fixed by accounting expert done
clear
C)
Accounting principles represent inviolable laws fixed by a legal board done
clear
D)
Accounting principles represent a consensuses at a particular time to the recording of accounting transactions done
clear
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question_answer86)
. covers procedural aspects of accounting work and includes record keeping function.
A)
Accounting done
clear
B)
Book-keeping done
clear
C)
Posting done
clear
D)
Journalising done
clear
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question_answer87)
Consider the following statements |
I. The entity concept of accounting is not applicable to sole trading concerns and partnership concerns. |
II. Assets are to be shown in the balance sheet at their replacement cost on liquidation. |
III. Money measurement concept takes into account changes in the value of monetary unit. |
IV. When a creditor is paid, this result in decrease of one asset and a corresponding increase in other asset. |
Which of the statements given above are Correct? |
A)
I and II done
clear
B)
II and III done
clear
C)
III and IV done
clear
D)
None of these done
clear
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question_answer88)
As per Revenue Recognition Concept, revenue is deemed to be realised
A)
When purchase order is received from the purchaser done
clear
B)
When goods are delivered to the purchaser done
clear
C)
When the title of the goods has been transferred to the purchaser done
clear
D)
When cash is received from the purchaser done
clear
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question_answer89)
Accrual concept relates to the determination of
A)
Expenses and losses done
clear
B)
Incomes and gains done
clear
C)
Expenses and incomes done
clear
D)
Losses done
clear
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question_answer90)
Accounting standards can override statute.
A)
True done
clear
B)
False done
clear
C)
Incomplete statement done
clear
D)
None of the above done
clear
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question_answer91)
Which of the following statements is/are correct? |
I. Balance sheet is the best tools to show the financial health of a business. |
II. Profit and loss accounts considered as the tool to measure net worth of business. |
Select the correct answer using the codes given below. |
A)
Only I done
clear
B)
Only II done
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C)
Both I and II done
clear
D)
None of these done
clear
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question_answer92)
Which of the following statements is/are correct?
A)
Dual aspect concept assumes an indefinite life of the entity done
clear
B)
In accounting, accrual basis is used for recording of transactions done
clear
C)
Both (a) and (b) done
clear
D)
None of the above done
clear
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question_answer93)
Which of the following is not an accounting concept?
A)
Matching Concepts done
clear
B)
Dual Aspect Concepts done
clear
C)
True and Fair Concepts done
clear
D)
Going Concern Concepts done
clear
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question_answer94)
Accounting concepts are based on
A)
Certain assumptions done
clear
B)
Certain facts and figures done
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C)
Certain accounting records done
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D)
Government guidelines done
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question_answer95)
Which of the following statements is/are correct regarding the accrual basis of accounting? |
I. The method of accounting take in the real and gross value of revenue. |
II. It show dismal profit and loss of company. |
Select the correct answers using the codes given below. |
A)
Only I done
clear
B)
Only II done
clear
C)
I and II done
clear
D)
Neither I nor II done
clear
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question_answer96)
Which of the following statements is/are correct? |
I. Cost concept is based on historical cost. |
II. Cost concept is highly objective in nature. |
Select the correct answer using the codes given below. |
A)
Only I done
clear
B)
Only II done
clear
C)
Both I and II done
clear
D)
None of the above done
clear
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question_answer97)
Which of the following statements is/are correct regarding the nature of accounting standard? |
I. Accounting standard are in consonance with the current law of the land. |
II. It facilitate reliability and comparability to financial statements. |
Select the correct answer using the codes given below. |
A)
Only I done
clear
B)
only II done
clear
C)
Both I and II done
clear
D)
Neither I nor II done
clear
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question_answer98)
Which of the following is repercussions of not following the standard accounting practices?
A)
Acceptability done
clear
B)
Non-Comparability done
clear
C)
Readability done
clear
D)
Feasibility done
clear
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question_answer99)
Which of the following statement is correct?
A)
Accounting standards make complexity in financial statement done
clear
B)
Accounting standard maintain homogeneity in financial records done
clear
C)
Accounting standard reduce the comparability done
clear
D)
Accounting standard unrestrict theoretical practices. done
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question_answer100)
Which of the following statement is correct?
A)
Expenses are recorded only at the time of actual payment done
clear
B)
Accounting is a subjective practices done
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C)
Both (a) and (b) done
clear
D)
None of the above done
clear
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question_answer101)
Which of the following legislation requires companies to follow accrual basis of accounting?
A)
Accrual Base Accounting Act, 2007 done
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B)
Company Act, 2013 done
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C)
Indian Accounting Legislation Act, 2009 done
clear
D)
Audit and Accounts Act, 2010 done
clear
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question_answer102)
Accrual basis of accounting is not suitable for whom?
A)
Business done
clear
B)
NGOs done
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C)
Government done
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D)
None of the above done
clear
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question_answer103)
The financial health of a business, can be explained best in term of
A)
Profit and loss account done
clear
B)
Trade accounts done
clear
C)
Balance sheet done
clear
D)
Sundary accounts done
clear
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question_answer104)
Which of the following concept would help in realisation of revenue generation?
A)
Accrual concept done
clear
B)
Objectivity concept done
clear
C)
Matching concept done
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D)
Realisation concept done
clear
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question_answer105)
Which institution issues guideline regarding uniformity in accounting practices?
A)
Cabinet Committee on Accounting done
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B)
Audit and Accounts Committee done
clear
C)
Institute of Chartered Accountants of India done
clear
D)
Institute of coast and Accounting done
clear
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question_answer106)
The policy of playing safe can be attributed with which accounting convention?
A)
Convention of Consistency done
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B)
Convention of Conservation done
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C)
Convention of Materiality done
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D)
Convention of Full Disclosure done
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question_answer107)
Dual aspect concept of accounting works on assumption that
A)
Every business are based on two entities done
clear
B)
every business activity and transaction have two fold effects done
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C)
every Business activity have two partners, one is business itself and other is shareholder done
clear
D)
None of the above done
clear
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