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 : 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 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 : According to which concept, the proprietor pays interest on drawings a) Accrual concept b) Conservatism concept c) Entity concept d) Dual Aspect concept
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 : 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 : 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 : As per the Matching concept, Revenue –? = Profit a) Expenses b) Liabilities c) Losses d) Assets
Last Answer : a) Expenses
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 : 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 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 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 : The principle ―Debit the receiver and credit the giver‖ is related to_____ a) Personal a/c b) Real a/c c) Nominal a/c d) None
Last Answer : a) Personal a/c
Description : Debit the receiver & credit the giver is _____ account a) Personal b) Real c) Nominal d) All the above
Last Answer : a) Personal
Description : M/s Stationery Mart will debit the purchase of stationery to _______ a) Purchases A/c b) General Expenses A/c c) Stationery A/c d) None
Last Answer : a) Purchases A/c
Description : Goodwill mean A. Good Will B. Credit C. Debit D. Good Wishes
Last Answer : B. Credit
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 : When the purchasing company bears the liquidation expenses, it will debit the expenses to (A)Vendor Company‘s Account (B) Bank Account (C)Goodwill Account (D)None of the above
Last Answer : (C)Goodwill Account
Description : Premium received on issue of shares is shown on-----------. A. asset side of the balance sheet B. liability side of the balance sheet C. credit side of the P&L a/c. D. debit side of the P & L a/c
Last Answer : B. liability side of the balance sheet
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 : 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 : 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 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 : 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 : 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 : Explain the term dual aspect.
Last Answer : Explain the term dual aspect.
Description : The third stage of Resource Planning involves ? (a) Identification and inventory of resources. (b) Matching the resource development plan with overall National Development plan. (c) ... with appropriate technology. (d) Qualitative and quantitative estimation and measurement of the resources.
Last Answer : (b) Matching the resource development plan with overall National Development plan.
Description : What are the three decisions making operations performed by the ALU of a computer? a. Grater than b. Less than c. Equal to d. All of the above
Last Answer : d. All of the above
Description : A 32 bit microprocessor has the word length equal to a. 2 byte b. 32 byte c. 4 byte d. 8 byte
Last Answer : c. 4 byte
Description : If the intrinsic values of shares exchanged are not equal, the difference is paid in ........... (A)Cash (B)Debenture (C)Pref. share (D)Assets
Last Answer : (A)Cash
Description : Chrysler's Chief Executive Officer is the company's spokesperson. His message has focused on concern for customers and product quality. Which aspect of implementing the marketing concept does ... concept by top management D)Development of an information system E)Restructuring of the organisation
Last Answer : C)Endorsement of the marketing concept by top management
Description : Explain the concept of Aspect Ratio.
Last Answer : Aspect Ratio: The aspect ratio of a tyre is the height of the tyre sidewall expressed as a percentage of the tyre’s width. For example, a tyre with a profile/aspect ratio of 65, is a tyre whose height is equal to 65% of its width.
Description : Double entry system is used in which type of accounting a) Cost b)Financial c) Management d) All
Last Answer : b)Financial
Description : Mr. X is a dealer in electronic goods (refrigerator, washing machine, air conditioners, televisions, etc.) He purchased two air conditioners and installed in his showroom. In the books of X the ... will be debited to A] Drawing account B] Capital Account C] Fixedassets D] Purchases account
Last Answer : C] Fixedassets
Description : Valuation of stock in accounting follows the principle of cost price or ____ which ever is lower. a) Market Price b) Average Price c) Net realizable Value d) None of these.
Last Answer : c) Net realizable Value
Description : Sales –Gross Profit = ________ a) Cost of goods sold b) Net sales c) Gross Sales d) Liabilities
Last Answer : a) Cost of goods sold
Description : If the Market value of closing Inventory is less than its cost price, inventory will he shown at ____ a) Marketable value b) Fair Market value c) Both d) none
Last Answer : a) Marketable value
Description : Rohit carrying on real estate business sold a piece of land for Rs.4,00,00,000 (cost Rs.3,50,00,000) then the type of receipt is ______ nature and profit on sale is a) Capital & transferred to capital ... L a/c c) Capital & transferred to P & L a/c d) Revenue & transferred to general reserve
Last Answer : b) Revenue & transferred to P & L a/c
Description : A digital computer did not score over an analog computer in terms of a. Speed b. Accuracy c. Reliability d. Cost
Last Answer : b. Accuracy
Description : Most important advantage of an IC is its a. Easy replacement in case of circuit failure b. Extremely high reliability c. Reduced cost d. Low powers consumption
Last Answer : b. Extremely high reliability
Description : Multi user systems provided cost savings for small business because they use a single processing unit to link several a. Personal computers b. Workstations c. Dumb terminals d. Mainframes
Last Answer : c. Dumb terminals
Description : Which one is more appropriate for cost of retained earning? A. Weighted Average cost of capital B. Opportunity cost to the firm C. Expected rate of return by the investor D. None of the above
Last Answer : B. Opportunity cost to the firm
Description : Cost of capital is helpful in corporative analysis of various A. Source of Finance B. Source of Services C. Source of material D. Product
Last Answer : A. Source of Finance
Description : Which of the following has the highest cost of capital? A. Loans B. Equity shares C. Bonds D. Preference shares
Last Answer : B. Equity shares