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- 1. Multiple Choice
A business record should never be mixed with owners's personal records- Identify the principle
Dual Concept
Business Entity
Objective Evidence
Materiality Principle
- 2. Multiple Choice
According to which concept, an asset is recorded in the books of account at price paid to acquire it and the cost is the basis for all subsequent accounting of the asset?
Materiality Principle
Prudence principle
Full disclosure Principle
Cost concept
- 3. Multiple Choice
The value of money is considered to have static value as the transaction are recorded at the value on the transaction date- The following statement is limitation of which principle?
Business entity
Dual Aspect
Money Measurement
Prudence
- 4. Fill in the Blank
Who has issued the Accounting Standards to standardise the accounting practices adopted to prepare financial statements?
- 5. Fill in the Blank
Which concept says that accounting should be free from bias?
- 6. Multiple Choice
Which of the following statement is false?
Accounting principles are man-made
Accounting principles are not flexible
Accounting principles are generally accepted
- 7. Fill in the Blank
Which principle or concept ensures that the financial statement do not paint a better picture than what it actually is?
- 8. Fill in the Blank
Do not anticipate a profit, but provide for all possible losses- Identify the accounting principle
- 9. Fill in the Blank
Cost concept is also called as
- 10. Multiple Choice
Which principle refers to relative importance of an item or an event?
Money Measurement
Conservatism
Materiality
- 11. Fill in the Blank
State the concept- The same accounting procedure must be followed in the same way in each accounting period
- 12. Fill in the Blank
The actual amount paid for merchandise is recorded even though the value of asset may be different- Identify the principle
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