Question 2 : <p>Outstanding expenses is included in Profit & Loss A/c at the year end according to which concept _____________ .</p>
Question 3 : <p>In the accounting period, according to which concept, cost incurred to acquire an asset is shown in the Balance Sheet.</p>
Question 4 : <p>An asset was purchased for ₹6,60,000. Cash was paid ₹1,20,000 and for the balance a bill was drawn for 60 days. What will be the effect on fixed assets?</p>
Question 5 : <p>_____________ concept is the basic idea that the business is separate from owner.</p>
Question 10 : <p>As per Accrual Concept, which of the following is not true?</p>
Question 11 : <p>Capital as on 1-4-05 ₹90,000</p><p> Capital introduced ₹25,000</p><p> Drawings made ₹35,000 </p><p> Capital as on 31-3-06 ₹1,25,000</p><p>What is the amount of profit added to the Capital?</p>
Question 12 : <p>___________________ refer to the general agreement on the usage and practices in social or economic life.</p>
Question 14 : <p>The owner of a company included his personal medical expenses in the company's income statement. Indicate the principle which is violated.</p>
Question 15 : <p>Ram starts business with ₹90,000 and then buys goods from Shyam on credit for ₹23,000. The accounting equation based on Assets = Capital + Liabilities will be:</p>
Question 18 : <p>If Going Concern Concept is no longer valid, which of the following is true?</p>
Question 19 : <p>Which financial statement represents the accounting equation; Assets = Liabilities + Owner's Equity.</p>
Question 20 : <p>“Holding gains in relation to stocks should hot be used for payment of dividend." Which one of the following accounting principle is involved in this?</p>
Question 21 : <p>Cost of Machinery ₹10,00,000</p><p>Installation charges ₹1,00,000</p><p>Market Value on:</p><p>31.3.06 ₹12,00,000 </p><p>While finalizing the accounts, if the company values the machinery at ₹12,00,000. Which concept is violated by the company?</p>
Question 22 : <p>If market value of closing inventory is reduced below cost prices, which of the following concepts will play a role?</p>
Question 24 : <p>Ram purchased a car for ₹10,000 paid ₹3,000 as cash and balance amount will be paid in three equal installments. Due to this:</p>
Question 25 : <p>No inference of profit and the provision making policy for all possible losses is due to:</p>
Question 26 : <p>According to which concept the owner of an enterprise pays the "interest on drawings"?</p>
Question 27 : <p>During life-time of an entity accountants prepare financial statements at arbitrary points of time as per:</p>
Question 28 : <p>What is the effect on the Net Assets if cash is received from debtors of ₹50,000?</p>
Question 29 : <p>The Rule of “Lower of Cost or Market Value” is based on which concept?</p>
Question 31 : <p>If nothing is written in the financial statements about the three fundamental assumptions, then it could be pressured that:</p>
Question 32 : <p>Guru Ltd. purchased a machinery for ₹10 lakhs, installation charges ₹20,000. Market value ₹12 lakhs. Company valued the machine at market price at the end of the year at ₹12 lakhs which concept is violated?</p>
Question 33 : <p>Cash of ₹2,000 is withdrawn for personal expenses. This will be debited to which account:</p>
Question 35 : <p>Which concept requires that those transactions which can be expressed in terms of money should be recorded in books of account?</p>
Question 38 : <p>The owner of a company included his personal medical expenses in the company's income statement. Indicate the principal that is violated.</p>
Question 39 : <p>Contingent liabilities are shown in footnote of Balance Sheet as per which concept?</p>
Question 40 : <p>Recording of capital contributed by the owner as liability ensures adherence of principle of:</p>
Question 43 : <p>Omission of paise and showing the round figures in financial statements is based on:</p>
Question 44 : <p>The three fundamental accounting assumptions are --</p><p>(i) Accrual</p><p>(ii) Conservatism</p><p>(iii) Going Concern </p><p>(iv) Consistency</p><p>(v) Matching</p>
Question 45 : <p>XYZ Ltd. follows the written down value method for depreciating machinery year after year due to_______ .</p>
Question 46 : <p>Human resources can’t be shown in Balance Sheet because of ------------------ concept.</p>
Question 47 : <p>The obligations of an enterprise other than owner’s fund are known as:</p>
Question 49 : <p>Debtors - ₹50,000. A provision for bad debt is created @ 5% according to which concept?</p>
Question 50 : <p>Fixed assets and Current assets are categorized as per concept of:</p>
