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 : 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 : 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Description : Value of goods withdrawn by the proprietor for his personal use should be credited to ____ a) Capital A/c b) Sales A/c c) Drawings A/c d) Purchases A/c
Last Answer : d) Purchases A/c
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 : 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 : 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 : 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 : 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 : 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 : 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 : 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 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 : 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 : 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 : Goods withdrawn by the proprietor for his personal use are A. Shown as a deduction from the purchases B. Shown as a deduction from the sales C. Treated as sales at cost price D. Added to the purchases
Last Answer : A. Shown as a deduction from the purchases
Description : The goods taken by the proprietor from the shop is debited to– (A) Shop account (B) Goods account (C) Capital account (D) Drawings accounts
Last Answer : Answer: Drawings accounts
Description : A company pays dividend at the A. End of the week B. End of the financial year C. End of the month D. All of the above
Last Answer : B. End of the financial year
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 purchasing company pays purchase consideration, it will be debited to (A)Business purchase account (B)Assets account (C) Liquidator of selling company’s account (D)None of the above
Last Answer : (C) Liquidator of selling company’s account
Description : AS – 14 is not applicable if when Transferee Company acquires Transferor Company and Transferor Company: A. Ceases to exist B. Separate entity is Continue to exist C. Applied in all cases D. None of the above
Last Answer : B. Separate entity is Continue to exist
Description : What Is Remote Mount With Mta Option? (in Case Of Dual Sensor Vortex Flowmeter, Rosemount Has Written In Its Catalog Drawings)?
Last Answer : Remote mount with MTA means MTA connector for mounting remote connection. MTA is the Connector used for connection. Generally we called it MTA Connector. There are many types of MTA connector such as MTA 100connectors, Mta 156 connectors etc.
Description : According to going concern concept a business entity is assumed to have– (A) A long life (B) A small life (C) A very short life (D) A definite life
Last Answer : Answer: A long life
Description : Which of the following is not followed in capital budgeting? A. Cash flows principle B. Interest exclusion principle C. Accrual principle D. Post tax principle
Last Answer : C. Accrual principle
Description : Capital employed is Rs.50,000 Trading Profit amounted Rs.12,200, Rs.15,000 and Rs.2000 loss for 2016, 2017 and 2018 respectively. Rate of interest is 8% and the rate of risk is 2% Remuneration from alternative employment of the ... A Rs.8,000 B Rs.8,800 C Rs.8,850 D Rs.9,500 ANS: Rs.8,850
Last Answer : A
Description : Which one of the following statements about preparation of financial statements of a limited liability company is correct ? (A) Financial statements should be prepared according to the cash basis ... Financial statements should be prepared according to both the accrual and cash basis of accounting
Last Answer : Answer: Financial statements should be prepared according to the accrual basis of accounting only
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 : As per the Matching concept, Revenue –? = Profit a) Expenses b) Liabilities c) Losses d) Assets
Last Answer : a) Expenses
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 : Cost concept basically recognises ____ a) Fair Market value b) Historical cost c) Realisable value d) Replacement cost
Last Answer : b) Historical cost
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 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 : 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 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 : Which of the following is not a nominal Account? A] Outstanding salaries Account B] Salaries account C] Interest paid D] Commission received
Last Answer : A] Outstanding salaries Account
Description : Debt financing is a cheaper source of finance because of A. Time value of Money B. Rate of Interest C. Tax deductibility of Interest D. Dividends not payable to lenders.
Last Answer : C. Tax deductibility of Interest
Description : Under pooling of interest method the difference between the purchase consideration and share capital of the transferee company should be adjusted to: A. General reserve B. Amalgamation adjustment account C. Goodwill or capital reserve D. None of the above
Last Answer : A. General reserve
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 : Which is the type of dividend? A. Cash Dividend B. Interest C. Profit cum-reserve D. Flexible Capital
Last Answer : A. Cash Dividend
Description : Indian businesses encounter the following problem in the globalisation A. Infrastructural Bottleneck B. Lack of interest shown by MNC‘s C. Both (A) and (B) D. None of these
Last Answer : A. Infrastructural Bottleneck
Description : A monopolistic trade practice is deemed to be prejudicial to public interest except when A. Authorized by Central Government B. Authorized by State Government C. Authorized by Supreme Court D. None of the above
Last Answer : B. Authorized by State Government
Description : Liberalization means A. Reducing number of reserved industries from 17 to 8 B. Liberating the industry, trade and economy from unwanted restrictions C. Opening up of economy to the world by attaining international competitiveness D. Free determination of interest rates
Last Answer : B. Liberating the industry, trade and economy from unwanted restrictions
Description : In the planning stage of an audit engagement, the auditor is required to perform audit procedures to obtain an understanding of the entity and its environment, including its internal control. These ... a. Substantive tests b. Tests of controls c. Risk assessment procedures d. Dual-purpose tests
Last Answer : Risk assessment procedures
Description : Explain the term dual aspect.
Last Answer : Explain the term dual aspect.
Description : Perpetual succession is explained by the concept of the entity.
Last Answer : State whether the following statement are true or false with reason : Perpetual succession is explained by the concept of the entity.
Description : What is the entity concept?
Last Answer : What is the entity concept?
Description : What type of savings institution pays the most interest on a savings account?
Last Answer : In the US, there are all sorts - like dozens and dozens - of banks that are offering 2.50 or 2.60% on money these days. Go to https://www.bankrate.com and click on either Savings ... but there are some mild restrictions on how many transactions per month. Really easy to find alternatives these days.
Description : They pay a dividend to their employee and deposit the dividend in a for-profit interest-bearing bank. What is the ruling ? I work in an aluminum factory in Canada. At the end of each year ... ; Such as interest bank , alcohol hall , cigarettes , other things and other investments of interest banks.
Last Answer : Alhamdulillah. The portion that the company pays at the end of each year is a portion of the employee's remuneration and salary. Since this money is kept separately in a specific account for the employee ... part. Will try to determine the amount of haram part as much as possible. GOD is Omniscient.
Description : If and 2000 is placed in a bank account that pays 3 compound interest per year how much will be in the account in 2 years?
Last Answer : 2120.8