ACCOUNTING CONCEPTS & STANDARDS

Which is not a feature of Accounting Principles?

• Man Made

• Generally Accepted

• Rigid

According to Going Concern Concept, a business is viewed as having

• a limited life

• a long life

• an indefinite life

• None of these

Financial Statements of a firm are prepared every year on 31st March, according to which concept?

• Money Measurement

• Revenue Recognition

• Materiality

• Accounting Period

Advance received from a customer is not recorded as income or sales according to the accounting concept of

• Revenue Recognition

• Conservatism

• Money Measurement

• Dual Aspect

The accounting standards for India are issued by ___________

If one aspect of a transaction is not recorded, which accounting concept is violated?

• Cost

• Business Entity

• Matching

• Dual Aspect.

According to which concept, closing Stock is valued at lower of cost or market value?

• Cost

• Conservatism

• Revenue Recognition

• Money Measurement

The efficiency of management team is not recorded in financial statement according to ___________ concept

• Money Measurement

• Conservatism

• Materiality

• Going Concern

An amount withdrawn from the business to meet any personal expense is treated as drawings. The concept followed for this treatment is:

• Going Concern

• Business Entity

• Objectivity

• Prudence

The accounting period of a business is separated into activitiess that help the business keep its accounting records in an orderly fashion.

• Accounting Period Cycle

• Source Document

• Fiscal Year

• None of the Above