This a MCQ (Multiple Choice Question) based practice test of Chapter 2 - Theory Base of Accounting of Accountancy of Class XI (11) for the quick revision/preparation of School Board examinations
Q According to which accounting principle personal expenses of proprietor are recorded in drawings account.
Under which accounting principle quality of manpower is not recorded in the books of accounts
Principle which assumes that a business enterprise will not be liquidated in the near future
Which accounting principle requires that life of a business be broken into smaller parts
Under which accounting concept fixed assets are recorded at cost without considering the market price (whether low or high).
Single Entry system ignores ______ of accounting.
Closing stock is valued at lower of cost or market price. Which concept of accounting is applied here
According to Business Entity concept
Full form of GAAP
The debts, which are to be repaid within a short period (year or less) are known as
The debts which are to be repaid within a short period (year or less) are known as Current liabilities. Current liabilities are a company's debts or obligations that are due within one year or within a normal operating cycle.