(A) Going Concern Concept assumes that business will be carried on for a definite period
(B) The Capital Losses need not be deducted to ascertain net income
(C) Provision for bad and doubtful debts is created in recognition of conservatism concept
(D) Materiality concept states that all business transactions are to be recorded however insignificant they may be
Category: Accounting Mcqs
Users will find here Accounting Mcqs for NTS, CSS, PMS, PPSC, FPSC, KPPSC, AJKPSC, BPSC, PTS, SPSC, Lecturer Commerce and all other types of Commerce related, Competitive Exams and Interviews. Commerce students can prepare their Accounting Portion for all test from here.
Which of the following is NOT a revenue expenditure?
(A) Petrol consumed in motor vehicles
(B) Cost of saleable goods
(C) Bad debts
(D) Premium given on lease
Fixed Assets and Current Assets are categorized as per concept of?
(A) Separate Entity
(B) Going Concern
(C) Consistency
(D) Time period
Provision for bad debt is made as per the?
(A) Entity Concept
(B) Conservatism Concept
(C) Cost Concept
(D) Going Concern Concept
Accounting does not record non- financial transactions because of?
(A) Entity Concept
(B) Accrual Concept
(C) Cost Concept
(D) Money Measurement Concept
Omission of paise and showing the round figures in financial statements is based on?
(A) Conservatism Concept
(B) Consistency Concept
(C) Materiality Concept
(D) Realization Concept
Recording of Fixed Assets at cost ensures adherence of?
(A) Conservatism Concept
(B) Going Concern Concept
(C) Cost Concept
(D) Both (a) and (b) above
The accounting measurement that is not consistent with the Going Concern concept is?
(A) Historical Cost
(B) Realization
(C) The Transaction Approach
(D) Liquidation Value