Test: Theory Base Of Accounting - 2


20 Questions MCQ Test Accountancy Class 11 | Test: Theory Base Of Accounting - 2


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This mock test of Test: Theory Base Of Accounting - 2 for Commerce helps you for every Commerce entrance exam. This contains 20 Multiple Choice Questions for Commerce Test: Theory Base Of Accounting - 2 (mcq) to study with solutions a complete question bank. The solved questions answers in this Test: Theory Base Of Accounting - 2 quiz give you a good mix of easy questions and tough questions. Commerce students definitely take this Test: Theory Base Of Accounting - 2 exercise for a better result in the exam. You can find other Test: Theory Base Of Accounting - 2 extra questions, long questions & short questions for Commerce on EduRev as well by searching above.
QUESTION: 1

Do not anticipate any profit but provide for all possible losses according to the ____

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QUESTION: 2

The fact that a business is separate and distinguishable from its owner is best exemplified by the ___________ concept

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QUESTION: 3

Full form of IASB

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QUESTION: 4

Everything a firm owns, it also owns out to somebody. This co-incidence is explained by the ___________ concept.

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QUESTION: 5

The ___________ Assumption of accounting states that if straight line method of depreciation is followed in one accounting year, then it should be continued in the next year also.

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QUESTION: 6

A firm may hold stock which is heavily in demand. Consequently, the market value of this stock may be increased. Normal accounting procedure is to ignore this because of the __________.

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A firm may hold stock which is heavily in demand. Consistently, the market value of this stock may be increased. Normal accounting procedure is to ignore this because of conservatism principle. 

The convention of conservatism mean that the convention of caution, or the policy of playing safe. This principle requires that in the situation of uncertainty and doubt, the business transactions should be recorded in such a manner that the profits and assets are not overstated and losses and liabilities are not understated.

QUESTION: 7

If a firm receives an order for goods, it would not be included in the sales figure owing to the ___________.

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QUESTION: 8

The management of a firm is remarkably incompetent, but the firms accountants can not take this into account while preparing book of accounts because of____ concept

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QUESTION: 9

12 television sets of Rs.10,000 each are purchased and this event is recorded in the books with a total amount of Rs.1,20,000 is an example of

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QUESTION: 10

Full form of IFRS.

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QUESTION: 11

Money measurement concept ignores the recording of

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QUESTION: 12

Which statements are drawn to provide information about growth or decline of business activities over a period of time or comparison of the results, i.e. intra-firm or inter firm comparisons

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QUESTION: 13

Which of the following is correct?

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QUESTION: 14

According to Revenue Recognition Concept of accounting we do not record:

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QUESTION: 15

Outstanding expenses are not recorded in ________ accounting.

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QUESTION: 16

Under which system of accounting transactions is recorded in the books of accounts on the receipt/payment of cash

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QUESTION: 17

Which of the following is not an internal user of management information?

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QUESTION: 18

According to companies act 1956 all companies are required to maintain their accounts according to

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QUESTION: 19

______________ are written statements issued from time to time by institutions of accounting professionals, specifying uniform rules for drawing the financial statements

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QUESTION: 20

As per the business entity assumption, the business is different from the

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