Question

Valuation of stock is done at lower of cost or market value because of convention of *
1 point
a. Disclosure
b. Conservatism
c. Materiality
d. Consistency.

This is a required question
Following the written down value method of depreciation on a particular asset year after year is because of the convention of *
1 point
a. Materiality
b. Conservatism
c. Consistency
d. Full Disclosure.
Accounting principles are generally based on *
1 point
a. Practicability
b. Subjectivity
c. Objectivity
d. Convenience in recording.
The convention of conservatism when applied to the balance sheet results in *
1 point
a. Overstatement of assets
b. Understatement of assets
c. Understatement of liabilities.
d. Overstatement of liabilities.
Contingent liability shown in the balance sheet, arises due to the accounting convention of *
1 point
a. Consistency
b. Conservatism
c. Disclosure
d. Materiality.
According to money measurement concept the following will be recorded in the books of accounts of the business : *
1 point
a. Quality of Company Goods
b. Utility of Managers
c. Value of Plant and Machinery
d. Health of Director.
Which of the following is fundamental accounting assumption? *
1 point
a. Going Concern
b. Cost Concept
c. Materiality
d. None of the above
Revenue is generally recognized at the point of sale. Which principle is applied? *
1 point
a. Consistency
b. Money measurement
c. Materiality
d. Realisation.
Companies must prepare financial statement at least yearly due to the concept of *
1 point
a. Going Concern
b. Business Entity
c. Period
d. Consistency​

Answer 1

Answer:

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Explanation:

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Answer 2

Answer:

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