(A) Petrol consumed in motor vehicles
(B) Cost of saleable goods
(C) Bad debts
(D) Premium given on lease
Tag: Financial Accounting Mcqs
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
Which of the following practices is not in consonance with the convention of conservatism?
(A) Creating Provision for Bad debts
(B) Creating Provision for Discount on Creditors
(C) Creating Provision for Discount on Debtors
(D) Creating Provision for tax