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CA Foundation Exam  >  CA Foundation Tests  >  Principles and Practice of Accounting  >  Test: Accounting Concepts, Principles And Conventions - 5 - CA Foundation MCQ

Test: Accounting Concepts, Principles And Conventions - 5 - CA Foundation MCQ


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17 Questions MCQ Test Principles and Practice of Accounting - Test: Accounting Concepts, Principles And Conventions - 5

Test: Accounting Concepts, Principles And Conventions - 5 for CA Foundation 2024 is part of Principles and Practice of Accounting preparation. The Test: Accounting Concepts, Principles And Conventions - 5 questions and answers have been prepared according to the CA Foundation exam syllabus.The Test: Accounting Concepts, Principles And Conventions - 5 MCQs are made for CA Foundation 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Accounting Concepts, Principles And Conventions - 5 below.
Solutions of Test: Accounting Concepts, Principles And Conventions - 5 questions in English are available as part of our Principles and Practice of Accounting for CA Foundation & Test: Accounting Concepts, Principles And Conventions - 5 solutions in Hindi for Principles and Practice of Accounting course. Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free. Attempt Test: Accounting Concepts, Principles And Conventions - 5 | 17 questions in 17 minutes | Mock test for CA Foundation preparation | Free important questions MCQ to study Principles and Practice of Accounting for CA Foundation Exam | Download free PDF with solutions
Test: Accounting Concepts, Principles And Conventions - 5 - Question 1
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All the following items are classified as fundamental accounting assumption except:​ 

Test: Accounting Concepts, Principles And Conventions - 5 - Question 2
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Two primary qualitative characteristics of financial statements are

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Test: Accounting Concepts, Principles And Conventions - 5 - Question 3
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Kanika Enterprises follows the written down value method of depreciating machinery year after year due to

Detailed Solution for Test: Accounting Concepts, Principles And Conventions - 5 - Question 3

 

The correct option is C.

Depreciation means diminishing value over a period of time.When an asset is purchased,Neither side of this journal entry affects the income statement, where revenues and expenses are reported. In order to move the cost of the asset from the balance sheet to the income statement, depreciation is taken on a regular basis. So every year the value of the asset is depreciated due to the consistency.

Test: Accounting Concepts, Principles And Conventions - 5 - Question 4
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A purchased a car for Rs.5,00,000, making a down payment of Rs.1,00,000 and signing a Rs.4,00,000 bill payable due in 60 days. As a result of this transaction
Test: Accounting Concepts, Principles And Conventions - 5 - Question 5
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Mohan purchased goods for Rs.15,00,000 and sold 4/5th of the goods amounting Rs.18,00,000 and met expenses amounting Rs.2,50,000 during the year, 2005. He counted net profit as Rs.3,50,000. Which of the accounting concept was followed by him?
Test: Accounting Concepts, Principles And Conventions - 5 - Question 6
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A businessman purchased goods for Rs.25,00,000 and sold 80% of such goods during the accounting year ended 31st March, 2005. The market value of the remaining goods was Rs.4,00,000. He valued the closing stock at cost. He violated the concept of
Test: Accounting Concepts, Principles And Conventions - 5 - Question 7
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Capital brought in by the proprietor is an example of
Test: Accounting Concepts, Principles And Conventions - 5 - Question 8
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A business firm is separate and distinct from its owners is the assumption under which of the following accounting concepts:
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Test: Accounting Concepts, Principles And Conventions - 5 - Question 9
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Revenue from sale of products, is generally, realized in the period in which
Test: Accounting Concepts, Principles And Conventions - 5 - Question 10
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The concept of conservatism when applied to the balance sheet results in
Test: Accounting Concepts, Principles And Conventions - 5 - Question 11
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Decrease in the amount of creditors results in
Test: Accounting Concepts, Principles And Conventions - 5 - Question 12
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The determination of expenses for an accounting period is based on the principle of
Test: Accounting Concepts, Principles And Conventions - 5 - Question 13
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The ‘going concern concept’ is the underlying basis for
Test: Accounting Concepts, Principles And Conventions - 5 - Question 14
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Economic life of an enterprise is split into the periodic interval as per
Test: Accounting Concepts, Principles And Conventions - 5 - Question 15
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If an individual asset is increased, there will be a corresponding
Test: Accounting Concepts, Principles And Conventions - 5 - Question 16
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Purchase of machinery for cash
Detailed Solution for Test: Accounting Concepts, Principles And Conventions - 5 - Question 16

Purchase of Machinery. This transaction will give affect in two accounts i.e. Machinery Account and cash Account.
Hence there will be no affect in total assets as Machinery will increase and cash will decrease.
Yes, there will be a change in fixed assets and current assets. But total assets will remain unchanged.

Test: Accounting Concepts, Principles And Conventions - 5 - Question 17
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Direct labor and salary outlays direct material purchases, which are classified as
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