Accounting Concepts Principles And Conventions - MCQ

Conservatism concept

Going concern concept

Disclosure concept

Consistency concept

Conservatism

Cost concept

Going concept

Accrual Concept

Going concern, conservatism accrual

Going concern, matching consistency

Going concern consistency accrual

Going concern, entity periodicity

Total assets will increase

Total liabilities will increase

Total assets will decrease

There is no change in total assets

Going concern concept

Dual aspect concept

Money measurement concept

All of these

Dual aspect

Entity

Realization

materially

Cost principle

Conservatism

Disclosure

Entity concept

Understandability and materiality

Relevance and reliability

Materiality and reliability

Relevance and understandability

Assest

Liability

Expense

Capital

Cost

Matching

Realization

Periodicity

Rs..50,000

Rs..60,000

Rs..75,000

Rs..45,000

Generally accepted accounting policies

Generally accepted accounting principles

Generally accepted accounting provisions

None of these

Accounting assumptions

Accounting conventions

Accounting policies

Accounting principles

Writing twice the same entry

Writing all the entries twice in the book

Having debit for every credit and credit for each debit

All of the above

Convention of consistency

Convention of conservatism

Convention of materiality

Convention of policies

Cost concept

Realization concept

Matching concept

Both ‘b’ and ‘c’

Consistency

Cost

Materiality

Realization

All prepaid assets would be completely written off immediately

The allowance for uncollectable accounts would be eliminated

Intangible assets would continue to be carried at net amortized historical cost

Land held as an investment would be valued at its realizable value

1,13,000 = 90,000 + 23,000

1,13,000 = 1,13,000 + 0

90,000 = 67,000 + 23,000

67,000 = 90,000 – 23,000

Presenting accounts in beautiful manner

Showing mere losses to avoid income tax

Showing more profits to attract investment

All of the above

Income statement

Cash flow statement

Balance sheet

Funds flow statement

Total asets increase by Rs..10,000

Total liabilities increase by Rs..3,000

Assets will increase by Rs..7,000 with corresponding increase in liability by Rs..7,000

Both (b) and (c)

Prudence

Consistency

Periodicity

matching

Profit for the period to be matched with sales revenue

Profit for the period to be matched with investment

Expenses of one period to be matched against the expenses of another period

Expenses of a period to be matched against the revenue of same period

Matching

Going concern

Double entry

Separate entity of business

Conservatism concept

Consistency concept

Materiality concept

Realization concept

Accrual concept

Cost concept

Continuity concept

Money measurement concept

Add prepaid expenses to respective expenses and show it as an asset

Deduct prepaid expenses form respective expenses and show it as a liability

Add prepaid expenses to respective expenses and show it as a liability

Deduct prepaid expenses from respective expenses and show it as a liability

Going concern

Consistency

Conservatism

accrual

Separate entity

Going concern

Consistency

Time period