Test: Theory Base Of Accounting - 1


10 Questions MCQ Test Accountancy Class 11 | Test: Theory Base Of Accounting - 1


Description
This mock test of Test: Theory Base Of Accounting - 1 for Commerce helps you for every Commerce entrance exam. This contains 10 Multiple Choice Questions for Commerce Test: Theory Base Of Accounting - 1 (mcq) to study with solutions a complete question bank. The solved questions answers in this Test: Theory Base Of Accounting - 1 quiz give you a good mix of easy questions and tough questions. Commerce students definitely take this Test: Theory Base Of Accounting - 1 exercise for a better result in the exam. You can find other Test: Theory Base Of Accounting - 1 extra questions, long questions & short questions for Commerce on EduRev as well by searching above.
QUESTION: 1

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.

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QUESTION: 2

Under which accounting principle quality of manpower is not recorded in the books of accounts

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QUESTION: 3

Principle which assumes that a business enterprise will not be liquidated in the near future

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QUESTION: 4

Which accounting principle requires that life of a business be broken into smaller parts

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QUESTION: 5

Under which accounting concept fixed assets are recorded at cost without considering the market price (whether low or high).

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QUESTION: 6

Single Entry system ignores ______ of accounting.

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QUESTION: 7

Closing stock is valued at lower of cost or market price. Which concept of accounting is applied here

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QUESTION: 8

According to Business Entity concept

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QUESTION: 9

Full form of GAAP

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QUESTION: 10

The debts, which are to be repaid within a short period (year or less) are known as

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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.

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