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 : 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 : Small items like, pencils, pens, files, etc. are written off within a year according to _ concept. a) Materiality b) consistency c) Conservatism d) Realisation
Last Answer : a) Materiality
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 : Going Concern' concept of business says which of the following 1. Business will continue trading over a long period of time 2. Anticipate no profit and provide for all possible losses 3. The period of allocation f the cost of an asset 4. 1 and 2 5. None of these
Last Answer : Business will continue trading over a long period of time
Description : As per the Matching concept, Revenue –? = Profit a) Expenses b) Liabilities c) Losses d) Assets
Last Answer : a) Expenses
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
Last Answer : c) Entity concept
Description : According to which concept, the proprietor pays interest on drawings a) Accrual concept b) Conservatism concept c) Entity concept d) Dual Aspect concept
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 : 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 : 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 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 : 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 : 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 : 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 : 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 : 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 : 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 : Which conventions, prevent window dressing. a. Conservation b. Full disclosure c. Consistency d. Materiality -Technology
Last Answer : Full Disclosure
Description : Provision for Income Tax is _____ A. Debited to P & L Appropriation A/c B. Debited to Profit and Loss A/c C. Debited to Treading A/c D. Credited to P & L Appropriation a/c
Last Answer : B. Debited to Profit and Loss A/c
Description : In income measurement & recognisation of assets & liabilities which of the following concepts goes together ? (a) Periodicity, Accural, Matching (b) Cost, Accural, matching (c) Going concern, cost, Realization (d) Going concern, Periodicity, Reliability
Last Answer : (a) Periodicity, Accural, Matching
Description : According to ____________ convention, while preparing planning anticipate losses.
Last Answer : According to ____________ convention, while preparing planning anticipate losses. (a) Materiality (b) ... (c) Conservatism (d) disclosure
Description : A possible obstacle to growth of privatisation is A. Profit earned by public enterprises B. Sale of least profitable enterprises C. Licensing D. All of these
Last Answer : B. Sale of least profitable enterprises
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 : Change in the capital A/c of proprietor may occur due to ______ a) Profit earned b) Loss incurred c) Capital Introduced d)All of theabove
Last Answer : d)All of theabove
Description : The rule debit all expenses and losses and credit all income and gains relates to A] Personal account B] Real account C] Nominal accounts D] All
Last Answer : C] Nominal accounts
Description : In which of the following cases, accounting estimates are needed? a) Employs benefit schemes b) Impairment of losses c) Inventory obsolescence d) All of the above
Last Answer : d) All of the above
Description : Premium on issue of shares can be used for -----------. A. distribution of dividend B. writing of f capital losses C. transferring to general reserve D. paying fees to directors
Last Answer : B. writing of
Last Answer : this The world In the world Before That Amount Power Was Even today The same Yes. Only One Form From Other In the form of Transformation Is. Of power Any Creation Or Destruction No, that's it Of energy Conservative policy.
Description : The return on investment (ROI) may be calculated as A. Net profit before interest, tax and dividend / Capital employed B. Net profit after interest, tax and dividend / Shareholder's fund C. ( Net profit - preference dividend )/ No. of equity shares D. Return on Investment / Net profit ratio
Last Answer : A. Net profit before interest, tax and dividend / Capital employed
Description : The magnetic storage chip used to provide non-volatile direct access storage of data and that have no moving parts are known as a. Magnetic core memory b. Magnetic tape memory c. Magnetic disk memory d. Magnetic bubble memory
Last Answer : d. Magnetic bubble memory
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 : Cost concept basically recognises ____ a) Fair Market value b) Historical cost c) Realisable value d) Replacement cost
Last Answer : b) Historical cost
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 : 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 : Dividend Policy must be A. Flexible B. Flexible and Fixed both C. Fixed D. All of the above
Last Answer : A. Flexible
Description : Dividend policy of a company mainly concern with (i) dividend payout and (ii) Stability of dividend A. Only (i) is correct B. Only (ii) is correct C. Both (i) and (ii) are correct. D. Both (i) and (ii) are incorrect.
Last Answer : C. Both (i) and (ii) are correct.
Description : Assertion (A). Industrial policy 1991 initiated liberalisation of Indian economy. Reason (R). Industrial growth was very slow before 1991. A. Both (A) and (R) are true and (R) is the correct explanation of (A). B. Both (A) ... A). C. (A) is true but (R) is false. D. (A) is false but (R) is true.
Last Answer : A. Both (A) and (R) are true and (R) is the correct explanation of (A). B. Both
Description : With the Industrial Policy Resolution of 1956, the future development of key industries became the exclusive responsibility of the State. A. 18 B. 17 C. 16 D. 15
Last Answer : B. 17
Description : Match the following components of Business Environment. (a) Economic Environment (i) Exim Policy (b) Social Environment (ii) Customs (c) Political Environment (iii) Social values (d) Legal Environment (iv) Business Law and Banking Act (a) ... (ii) (iv) (a) (b) (c) (d) D. (i) (ii) (iv) (iii)
Last Answer : (i) (ii) (iii) (iv) (a) (b) (c) (d)
Description : Which law emphasised the importance of continuous development and expansion of export oriented production? A. Export policy resolution 1970 B. M.R.T.P. C. I.R.D.A. D. Company Act
Last Answer : A. Export policy resolution 1970
Description : What are the important external factors that constitute the economic environment of Business ? A. economic condition B. economic policy C. economic system D. all of the above
Last Answer : D. all of the above
Description : As per Industrial Policy resolution 1956, reserved industries for public sector are A. 12 B. 14 C. 16 D. 17
Last Answer : D. 17
Description : Industrial policy resolution 1956 divided industries into ----------- categories A. 2 B. 3 C. 4 D. 5
Last Answer : B. 3
Description : Industrial policy resolution of 1948 was divided industries into A. 3 categories B. 4 categories C. 5 categories D. 6 categories
Last Answer : B. 4 categories
Description : First industrial policy resolution was issued in A. 1947 B. 1948 C. 1951 D. 1954
Last Answer : B. 1948
Description : Which among the following is not the instrument of monetary policy A. Deficit financing B. Statutory liquidity Ratio C. Cash reserve ratio D. Open market operation
Last Answer : A. Deficit financing
Description : Which one is not the main objective of Fiscal Policy in India? A. To increase liquidity in economy B. To promote price stability C. To minimize the inequalities of income and wealth D. To promote employment opportunities
Last Answer : A. To increase liquidity in economy
Description : Laissez Faire policy is adopted in A. Socialist Economic system B. Capitalist Economic system C. Mixed Economic System D. Communist Economic System
Last Answer : B. Capitalist Economic system