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CA Foundation Exam  >  CA Foundation Tests  >  Principles and Practice of Accounting  >  Test: Accounting As A Measurement Discipline- 1 - CA Foundation MCQ

Test: Accounting As A Measurement Discipline- 1 - CA Foundation MCQ


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15 Questions MCQ Test Principles and Practice of Accounting - Test: Accounting As A Measurement Discipline- 1

Test: Accounting As A Measurement Discipline- 1 for CA Foundation 2024 is part of Principles and Practice of Accounting preparation. The Test: Accounting As A Measurement Discipline- 1 questions and answers have been prepared according to the CA Foundation exam syllabus.The Test: Accounting As A Measurement Discipline- 1 MCQs are made for CA Foundation 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Accounting As A Measurement Discipline- 1 below.
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Test: Accounting As A Measurement Discipline- 1 - Question 1
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Book value of machinery on 31st March, 2011      10,00,000
Market value as on 31st March, 2011                   11,00,000
As on 31st March, 2011, if the company values the machinery
At Rs. 11,00,000 which of the following valuation principle is being followed?

Test: Accounting As A Measurement Discipline- 1 - Question 2
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The long term assets that have no physical existence but are rights that have value is known as

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Test: Accounting As A Measurement Discipline- 1 - Question 3
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Mohan purchased a machinery amounting Rs. 10,00,000 on 1st April, 2001. On 31st March, 2011, similar machinery could be purchased for Rs. 20,00,000 but the realizable value of the machinery (purchased on 1.4.2001) was estimated at Rs. 15,00,000. The present discounted value of the future net cash inflows that the machinery was expected to generate in the normal course of business, was calculated as Rs. 12,00,000.

Q. The historical cost of machinery is:

Test: Accounting As A Measurement Discipline- 1 - Question 4
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 Change in Accounting estimate means:
Test: Accounting As A Measurement Discipline- 1 - Question 5
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ABC Ltd. purchased a building by paying Rs 50,00,000 as on 1st April, 2000. On 1st April, 2007 it found that it would cost Rs. 1,50,00,000 to purchase the similar building. This value of Rs. 1,50,00,000 is known as : 
Test: Accounting As A Measurement Discipline- 1 - Question 6
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Change in accounting estimate means : 
Test: Accounting As A Measurement Discipline- 1 - Question 7
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Gross Book value of a Fixed Asset is its: 
Test: Accounting As A Measurement Discipline- 1 - Question 8
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 Change in accounting estimate means:
Test: Accounting As A Measurement Discipline- 1 - Question 9
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Mohan purchased a machinery amounting Rs. 10,00,000 on 1st April, 2001. On 31st March, 2011, similar machinery could be purchased for Rs. 20,00,000 but the realizable value of the machinery (purchased on 1.4.2001) was estimated at Rs. 15,00,000. The present discounted value of the future net cash inflows that the machinery was expected to generate in the normal course of business, was calculated as Rs. 12,00,000.

Q. The realizable value of machinery is:
Test: Accounting As A Measurement Discipline- 1 - Question 10
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Mohan purchased a machinery amounting Rs. 10,00,000 on 1st April, 2001. On 31st March, 2011, similar machinery could be purchased for Rs. 20,00,000 but the realizable value of the machinery (purchased on 1.4.2001) was estimated at Rs. 15,00,000. The present discounted value of the future net cash inflows that the machinery was expected to generate in the normal course of business, was calculated as Rs. 12,00,000.

Q. The present value of machinery is 
Test: Accounting As A Measurement Discipline- 1 - Question 11
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All of the following are valuation principles except: 
Test: Accounting As A Measurement Discipline- 1 - Question 12
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In Accounting Money is the : 
Test: Accounting As A Measurement Discipline- 1 - Question 13
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Mohan purchased a machinery amounting Rs. 10,00,000 on 1st April, 2001. On 31st March, 2011, similar machinery could be purchased for Rs. 20,00,000 but the realizable value of the machinery (purchased on 1.4.2001) was estimated at Rs. 15,00,000. The present discounted value of the future net cash inflows that the machinery was expected to generate in the normal course of business, was calculated as Rs. 12,00,000.

Q. The current cost of the machinery is:
Test: Accounting As A Measurement Discipline- 1 - Question 14
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There are ________generally accepted measurement bases or valuation principles : 
Test: Accounting As A Measurement Discipline- 1 - Question 15
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Measurement discipline deals with:
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