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Accounting Concepts, Principles and Procedures
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Accounting Concepts, Principles and Procedures
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Accounting Concepts, Principles and Procedures
When goods, in which business deals are sold, it is called:
Purchases
Return inward
Sales
None of these
Author:
rikazzz
Comment
Accounting Concepts, Principles and Procedures
For the business, capital is:
Asset
Expense
Liability
All of these
Author:
rikazzz
Comment
Accounting Concepts, Principles and Procedures
Which of the following equation is treated with Dual Aspect concept?
Total Assets =Total liabilities
Total assets = Capital +Outsider’s Liabilities
Capital = Total assets – Outsider’s liabilities
All of these
Author:
rikazzz
Comment
Accounting Concepts, Principles and Procedures
Assets having physical existence are called:
Tangible assets
Liquid assets
Intangible assets
Current assets
Author:
rikazzz
Comment
Accounting Concepts, Principles and Procedures
Showing purchased office equipment’s in financial statements is the application of which accounting concept?
Historical cost conversion
Materiality
Prudence
None of these
Author:
rikazzz
Comment
Accounting Concepts, Principles and Procedures
A business entity has owner’s equity of Rs. 40,000 and liabilities of Rs. 25,000 its assets are:
65000
15000
25000
40000
Author:
rikazzz
Comment
Accounting Concepts, Principles and Procedures
Which of the following regarded as the fundamental concept?
The going concern concept
The septate entity concept
The prudence
Correction concept
Author:
rikazzz
Comment
Accounting Concepts, Principles and Procedures
Bills received account is a:
Real account
Personal account
Nominal account
None of these
Author:
rikazzz
Comment
Accounting Concepts, Principles and Procedures
Income earned but not received is called:
Outstanding asset
Contingent asset
Fictitious assets
Real asset
Author:
rikazzz
Comment
Accounting Concepts, Principles and Procedures
Continuous audit is:
Interim audit
Regular audit
Internal audit
None of these
Author:
rikazzz
Comment
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