Test: Accounting Concepts, Principles And Conventions - 3 - CA Foundation MCQ
30 Questions MCQ Test - Test: Accounting Concepts, Principles And Conventions - 3
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:
The adjustments to be made for prepaid expenses is:
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If Going Concern Concept is no longer valid, which of the following is true?
Proprietor (owner) is treated as creditor of business due to:
Window dressing of Accounts means:
Contingent liabilities are shown in footnote of Balance Sheet as per which concept?
Estimated selling price less estimated cost of sales is
The three fundamental accounting assumptions are:
(i) Accrual
(ii) Conservatism
(iii) Consistency
(iv) Going Concern
(v) Matching
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?
Outstanding expenses is included in Profit & Loss A/c at the year end according to which concept _________
Omission of paise and showing the round figures in financial statements is based on :
Fixed assets and Current assets are categorized as per concept of:
Which concept requires that those transactions which can be expressed in terms of money should be recorded in books of account?
In the accounting period, according to which concept, cost incurred to acquire an asset is shown in the Balance Sheet.
The Accounting Convention of Matching means:
Cash of Rs. 2,000 is withdrawn for personal expenses. This will be debited to which account:
Cost concept basically recognizes
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:
Which of the following does not follow Dual Aspect?
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?
If nothing is written in the financial statements about the three fundamental assumptions, then it could be pressured that:
According to which concept the owner of an enterprise pays the “interest on drawings”?
Accounting does not record non-financial transactions because of :
Debtors – Rs. 50,000. A provision for bad debt is created @ 5% according to which concept?
The obligations of an enterprise other than owner’s fund are known as:
Provision for discount is made due to concept of:
Which of these is not fundamental accounting assumption?
What is the effect on the Net Assets if cash is received from debtors of Rs. 50,000?
What is the objective of conservatism ?
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