Question

Objective questions regarding accounting concepts and convension

Answer 1

1) A business firm is separate and distinct from its owners is the assumption under which of the following accounting concepts:
1) Business Entity
2) Going Concern Entity
3) Money Measuring Entity
4) Accounting Period concept
5) None of the above

2) Assumption of accounting entity or business entity concept is applicable for which of the following business organizations.
1) Societies
2) Joint Stock Companies
3) Corporations
4) Partnership Firms
5) All the above

3) Under which of the following kinds of business concepts it is assumed that the organization will last for a long time.
1) Accounting Entity
2) Going Concern Entity
3) Money Measuring Entity
4) Accounting Period
5) Non of the above

4) Distinction between an expenditure whose benefit will be for a long period and whose benefit for a short period of say up to one year, is made under which of the following.
1) Accounting Entity
2) Going concern Entity
3) Money Measuring Entity
4) Accounting Period
5) None of the above

5) A firm is expected not to curtail its present scale and continue at the operate at least at the existing level under, which of the following:
1) Accounting Entity
2) Going Concern Entity
3) Money Measuring Entity
4) Accounting Period
5) Non of the above

6) It is assumed that only those transactions that could be expressed in monetary terms, under which of the following concepts:
1) Dual Aspect Principle
2) Going Concern Entity
3) Money Measurement Entity
4) Cost Principle
5) Accounting Principle

7) Entire life of a business entity is divided into shorter time intervals, say of one year, under which of the following
1) Dual Aspect Principle
2) Going Concern Entity
3) Money Measuring Principle
4) Cost Principle
5) Accounting Principle

8) General rules that are used as a guide in accounting and as a basis of accounting practices are called
1) Generally Accepted Accounting Practices
2) Basic Accounting Conventions
3) Accounting and Financing Principles
4) Accounting Principles
5) All the above

9) Every transactions has two aspects i.e., debit and credit, under which of the following accounting principles:
1) Cash Accrual Principle
2) Revenue Accrual Principle
3) Dual Aspect Principle
4) Double Entry Book-keeping System
5) C and D both

10) Anticipate no profits and provide for all possible losses. This is essence of which of the following accouinting principles:
1) Dual Aspect Principle
2) Materiality Principle
3) Timeliness Principle
4) Consistency Principle
5) Conservatism Principle



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