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Test: Accounting Concepts, Principles And Conventions - 3 - CA Foundation MCQ


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30 Questions MCQ Test Principles and Practice of Accounting - Test: Accounting Concepts, Principles And Conventions - 3

Test: Accounting Concepts, Principles And Conventions - 3 for CA Foundation 2024 is part of Principles and Practice of Accounting preparation. The Test: Accounting Concepts, Principles And Conventions - 3 questions and answers have been prepared according to the CA Foundation exam syllabus.The Test: Accounting Concepts, Principles And Conventions - 3 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 - 3 below.
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Test: Accounting Concepts, Principles And Conventions - 3 - Question 1

Ram purchased a car for Rs. 10,000 paid Rs. 3,000 as cash and balance amount will be paid in three equal installments. Due to this:

Test: Accounting Concepts, Principles And Conventions - 3 - Question 2

The adjustments to be made for prepaid expenses is:

Test: Accounting Concepts, Principles And Conventions - 3 - Question 3

 If Going Concern Concept is no longer valid, which of the following is true?

Test: Accounting Concepts, Principles And Conventions - 3 - Question 4

Proprietor (owner) is treated as creditor of business due to:

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

Window dressing of Accounts means: 

Test: Accounting Concepts, Principles And Conventions - 3 - Question 6

Contingent liabilities are shown in footnote of Balance Sheet as per which concept?

Test: Accounting Concepts, Principles And Conventions - 3 - Question 7

 Estimated selling price less estimated cost of sales is 

Detailed Solution for Test: Accounting Concepts, Principles And Conventions - 3 - Question 7

Net realizable value (NRV) is the value of an asset that can be realized upon the sale of the asset, less a reasonable estimate of the costs associated with the eventual sale or disposal of the asset. 

Test: Accounting Concepts, Principles And Conventions - 3 - Question 8

 The three fundamental accounting assumptions are:
 (i) Accrual
(ii) Conservatism
(iii) Consistency
(iv) Going Concern
(v) Matching 

Test: Accounting Concepts, Principles And Conventions - 3 - Question 9

Guru Ltd. Purchased a machinery for Rs. 10 lakhs. Installation charges= Rs. 20,000. Market value Rs. 12 lakhs. Company valued the machine at market price at the end of the year at Rs. 12 lakhs which concept is violated?

Test: Accounting Concepts, Principles And Conventions - 3 - Question 10

Outstanding expenses is included in Profit & Loss A/c at the year end according to which concept _________

Test: Accounting Concepts, Principles And Conventions - 3 - Question 11

Omission of paise and showing the round figures in financial statements is based on : 

Test: Accounting Concepts, Principles And Conventions - 3 - Question 12

 Fixed assets and Current assets are categorized as per concept of: 

Test: Accounting Concepts, Principles And Conventions - 3 - Question 13

Which concept requires that those transactions which can be expressed in terms of money should be recorded in books of account?

Test: Accounting Concepts, Principles And Conventions - 3 - Question 14

 In the accounting period, according to which concept, cost incurred to acquire an asset is shown in the Balance Sheet.

Test: Accounting Concepts, Principles And Conventions - 3 - Question 15

The Accounting Convention of Matching means: 

Test: Accounting Concepts, Principles And Conventions - 3 - Question 16

 Cash of Rs. 2,000 is withdrawn for personal expenses. This will be debited to which account: 

Test: Accounting Concepts, Principles And Conventions - 3 - Question 17

 Cost concept basically recognizes

Test: Accounting Concepts, Principles And Conventions - 3 - Question 18

A trader stated retail business. During the year he sold goods worth Rs. 60,000 and for Rs. 1,20,000 out of which only Rs. 1,00,000 was collected during the year. He had a closing stock of Rs. 10,000. His other business expenses for the period were Rs. 20,000 out of which Rs. 5,000 was outstanding at year end His total profit for the year 2008-09 as per the terms of accrual concept was:

Test: Accounting Concepts, Principles And Conventions - 3 - Question 19

Which of the following does not follow Dual Aspect?

Test: Accounting Concepts, Principles And Conventions - 3 - Question 20

An asset was purchased for Rs. 6,60,000. Cash was paid Rs. 1,20,000 and for the balance a bill was drawn for 60 days. What will be the effect on fixed assets?

Test: Accounting Concepts, Principles And Conventions - 3 - Question 21

If nothing is written in the financial statements about the three fundamental assumptions, then it could be pressured that:

Test: Accounting Concepts, Principles And Conventions - 3 - Question 22

According to which concept the owner of an enterprise pays the “interest on drawings”?

Test: Accounting Concepts, Principles And Conventions - 3 - Question 23

Unpaid expenses are: 

Test: Accounting Concepts, Principles And Conventions - 3 - Question 24

 Accounting does not record non-financial transactions because of : 

Test: Accounting Concepts, Principles And Conventions - 3 - Question 25

Debtors – Rs. 50,000. A provision for bad debt is created @ 5% according to which concept?

Test: Accounting Concepts, Principles And Conventions - 3 - Question 26

The obligations of an enterprise other than owner’s fund are known as: 

Test: Accounting Concepts, Principles And Conventions - 3 - Question 27

Provision for discount is made due to concept of:

Test: Accounting Concepts, Principles And Conventions - 3 - Question 28

Which of these is not fundamental accounting assumption?

Test: Accounting Concepts, Principles And Conventions - 3 - Question 29

 What is the effect on the Net Assets if cash is received from debtors of Rs. 50,000?

Test: Accounting Concepts, Principles And Conventions - 3 - Question 30

What is the objective of conservatism ?

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