Description : Which accounting concept satisfy the valuation criteria a] Going concern, Realisation, Cost b) Going concern, Cost, Dual aspect c) Cost, Dual aspect, Conservatism d) Realisation, Conservatism, Going concern.
Last Answer : a] Going concern, Realisation, Cost
Description : A trader purchases goods for Rs. 2500000, of these 70% of goods were sold during the year. At the end of 31st December 2009, the market value of such goods were Rs. 500000. But the trader recorded in ... is violated. (a) Money measurement (b) Conservatism (c) Consistency (d) None of these
Last Answer : (b) Conservatism
Description : The policy of anticipate no profit and provide for all possible losses arise due to the concept of _____ a) Consistency b) Disclosure c) Conservatism d) Matching
Last Answer : c) Conservatism
Description : The comparison of financial statement of one year with that of another is possible only when ----------------concept is followed A] Going concern B] Accrual C] Consistency D] Materiality
Last Answer : C] Consistency
Description : The Market price of good declined than the cost price. Then the concept that plays a key role is ____ a) Materiality b) Going concern concept c) Realization d) Consistency
Last Answer : c) Realization
Description : According to which concept, the proprietor pays interest on drawings a) Accrual concept b) Conservatism concept c) Entity concept d) Dual Aspect concept
Last Answer : c) Entity concept
Description : Which accounting concept specifies thepractice of crediting closing stock to the trading account? a) Cost b) Realisation c) Going concern d)Matching
Last Answer : d)Matching
Description : Joan recently changed employers within the same industry. At her old company, employees routinely took home company pens, pencils, and note pads, and they frequently made personal long -distance ... A)significant others. B)profit objectives. C)corporate culture. D)legal climate. E)corporate goals
Last Answer : D)legal climate
Description : The vendor company transfers preliminary expenses (at the time of absorption) to: A. Purchasing Company account B. Realisation account C. Purchasing company's account. D. Equity shareholders' account
Last Answer : D. Equity shareholders' account
Description : For paying liabilities not taken over by the purchasing company, the vendor company credits: A. Realisation account B. Bank account C. Liabilities account. D. purchasing company account
Last Answer : B. Bank account
Description : When the expenses of liquidation are to be borne by the vendor company, then the vendor company debits: A. Realisation account B. Bank account C. Goodwill account. D. Purchasing company account
Last Answer : A. Realisation account
Description : The share capital, to the extent already held by the purchasing company, is closed by the vendor company by crediting it to: A. Share capital account B. Purchasing company's account C. Realisation account. D. Business purchase account
Last Answer : C. Realisation account.
Description : When the purchasing company makes payment of the purchase consideration, it debits: A. Business purchase account B. Assets account C. Vendor company's account. D. Realisation A/c
Last Answer : C. Vendor company's account.
Description : When the expenses of liquidation are to be borne by the purchasing company, then the purchasing company debits: A. Vendor company's account B. Bank account C. Goodwill account. D. Realisation A/c
Last Answer : C. Goodwill account.
Description : When liquidation expenses is paid and borne by seller company then it is debited to _______ (A) Bank A/c (B) Goodwill A/c (C) Realisation A/c (D) Capital Reserve A/c.
Last Answer : (C) Realisation A/c
Description : When the purchasing company does not take over a particular liability and the vendor company pays that liability, it will debit it to (A) Realisation Account (B) Bank Account (C) Liability Account (D)None of the above
Last Answer : (A) Realisation Account
Description : When the Vendor (seller) company agrees to bear liquidation expenses, it will debit (A) Realisation Account (B) Bank Account (C) Goodwill Account (D)None of the above
Description : Which of the following factor is not considered while selecting accounting policies? a) Prudence b) Substance over form c) Accountancy d) Materiality
Last Answer : c) Accountancy
Description : The policy “anticipate no profit and provide for all possible losses” arises due to– (A) Convention of consistency (B) Convention of conservatism (C) Convention of Disclosure (D) None of the above
Last Answer : Answer: Convention of conservatism
Description : Consistency with reference to application of accounting procedures means a) All companies in the same Industry should use identical accounting procedures b) Income & assets have not been overstated c ... uniform basis year after year d) Any accounting method can be followed as per convenience
Last Answer : c)Accounting methods & procedures shall be followed uniform basis year after year
Description : Pencils versus pens? When was the last time you used a pencil? Could you even find one?
Last Answer : I use both. Pencils are more practical for taking notes, because I can erase it if I make some mistakes in writing. I have only two pens, and use only one of them on occasion. I have several wooden pencils, used for drawing, though I don’t draw that often.
Description : Average cost of 10 pens is rupees 200 & average cost of 10 pencils is 100 rupees find the average cost of the all pens and pencils -Maths 9th
Last Answer : 10 pens of average cost = 200 => 10×200 = 2000 rupees 10 pencils average cost = 100 rupees => 10×100=1000 Pens + Pencils = 20 Total average 2000+1000 = 3000 Rupees 150 is average for average cost of each pen and pencil ✏
Description : Let cost of a pen and a pencil be “x” and “y” respectively. A girl pays ₹16 for 2 pens and 3 pencils. Write the given data in the form of a linear equation in two variables. Also represent it graphically. -Maths 9th
Last Answer : Solution :-
Description : The total cost of purchasing two pens and three pencils is rs. 42. Express the statement as a linear equation in two variables. -Maths 9th
Last Answer : answer:
Description : How to Save on Pens, Pencils, & Markers?
Last Answer : Whether a student or businessman, pens, pencils, & markers are an essential investment. This is something that will make life a lot easier. After all, everyone will need a writing tool at some point or ... buying pens, pencils, & markers for an office or if you want to make one purchase that wil
Description : With respect to the concept of materiality, which one of the following statements is correct? a. Materiality is a matter of professional judgment. b. Materiality is determined by reference to AASC's ... depends only on the peso amount of an item relative to other items in the financial statements
Last Answer : Materiality is a matter of professional judgment
Description : Business enterprise is separate from its owner according to _____ concept. a) Money measurement concept b) Matching concept c) Entity concept d) Dual aspect concept
Description : Human resources will not appear in the balance sheet according to ______ concept. a) Accrual b) Going concern c) Money measurement concept d) None
Last Answer : c) Money measurement concept
Description : Which conventions, prevent window dressing. a. Conservation b. Full disclosure c. Consistency d. Materiality -Technology
Last Answer : Full Disclosure
Description : Recording of capital contributed by the owner as liability ensures the adherence of principle of– (A) Consistency (B) Going concern (C) Separate entity (D) Materiality
Last Answer : Answer: Separate entity
Description : The auditor's judgment concerning the overall fairness of presentation of financial position, results of operation, and changes in cash flow is applied within the framework of a. ... b. Generally accepted accounting principles. c. Philippine Financial Reporting Standards d. Quality control
Last Answer : Philippine Financial Reporting Standards
Description : The concept of small scale industries (SSIs) was brought to the fore by the A. Industrial Policy Resolution 1948 B. Industrial Policy Resolution 1956 C. Industrial Policy Statement 1977 D. None of the above
Last Answer : C. Industrial Policy Statement 1977
Description : Orange Corp. has a few large accounts receivable that total P2,000,000. Yellow Corp. has a large number of small accounts receivable that also total P2,000,000. The importance of an error in ... auditor's concept of: a. Materiality. b. Reasonable assurance. c. Comparative analysis d. Relative risk
Last Answer : Materiality.
Description : A small or intelligent device is so called because it contains within it a a. Computer b. Microcomputer c. Programmable d. Sensor
Last Answer : d. Sensor
Description : Which of the following items are examples of storage devices? a. Floppy / hard disks b. CD-ROMs c. Tape devices d. All of the above
Last Answer : d. All of the above
Description : AS -10 (Accounting Standard on Fixed Assets) does not deal with accounting for the following items to which special considerations apply A. Forests, plantations and similar regenerative natural ... resources C. Expenditure on real estate development and livestock D. None of the above
Last Answer : D. None of the above
Description : India abolished quantitative restrictions on imports of 1429 items in 2000 and 2001 as per the commitment to which of the following A. SAFTA B. GATT C. WTO D. NAM
Last Answer : C. WTO
Description : Risk in capital budgeting implies that the decision maker knows _ of the cash flows. A. Variability B. Certainty C. Probability D. None of these
Last Answer : C. Probability
Description : Matching concept means A] Assets = capital + liabilities B] Transactions recorded at accrual concept C] Anticipate no profit but recognize all losses D] Expenses should be matched with the revenue of the period.
Last Answer : D] Expenses should be matched with the revenue of the period.
Description : Historical cost concept requires the valuation of an asset at A] Original cost B] Replacement value C] Net realizable value D] Market value
Last Answer : A] Original cost
Description : For every debit there will be an equal creditaccording to A] Matching concept B] cost concept C] Money measurement concept D] Dual aspect concept
Last Answer : D] Dual aspect concept
Description : As per the Matching concept, Revenue –? = Profit a) Expenses b) Liabilities c) Losses d) Assets
Last Answer : a) Expenses
Description : As per accrual concept, which of the followings is not true a) revenue –expenditure = profit b) revenue –profit = expenditure c) sales + gross profit = revenue d) revenue = profit + expenditure
Last Answer : c) sales + gross profit = revenue
Description : Cost concept basically recognises ____ a) Fair Market value b) Historical cost c) Realisable value d) Replacement cost
Last Answer : b) Historical cost
Description : The proprietor of the business is treated as creditor for the capital introduced by him due to_____ concept. a) Money measurement b) Cost c) Entity d) Dual aspect
Last Answer : c) Entity
Description : A trader has made a sale of Rs.75,500 out of which cash sales amounted to Rs.25,500. He showed trade receivables on 31-3-2014 at Rs.25,500. Which concept is followed by him? a) Going concern b) Cost c) Accrual
Last Answer : c) Accrual
Description : The first electronic general purpose digital computer built by Motley and Accrete called ENIAC did not work on the stored program concept. How many number s could it store in its internal memory? a. 100 b. 20 c. 40 d. 80
Last Answer : b. 20
Description : The fundamental accounting equation' Assets = Liabilities + Capital' is the formal expression of A. Dual aspect concept B. Matching concept C. Going concern concept D. Money measurement concept
Last Answer : A. Dual aspect concept
Description : Which of the following statements is not correct? A. For the purpose of Funds Flow Statement, the term 'fund ' generally refers to net working capital B. Funds flow is a wider concept than ... business D. The capitalisation of reserves by the issue of bonus shares also involves flow of funds
Last Answer : D. The capitalisation of reserves by the issue of bonus shares also involves flow of funds
Description : The Code of Professional Ethics states, in part, that a CPA should maintain integrity and objectivity. Objectivity refers to the CPA's ability to a. Determine accounting practices that were consistently ... . c. Determine the materiality of items. d. Insist on all matters regarding audit procedures.
Last Answer : Maintain an impartial attitude on all matters which come under his review.