1. This concept assumes that, for accounting purposes, the business enterprise and its owners are two separate independent entities
ACCOUNTING PRINCIPLES & CONCEPT

Quiz
•
Mathematics
•
11th - 12th Grade
•
Hard
SUJEET SAHU
Used 42+ times
FREE Resource
6 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Money Measurement Concept
Going Concern Concept
Business Entity Concept
Cost Concept
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
2. If all the business transactions are expressed in monetary terms, it will be easy to understand the accounts prepared by the business enterprise.
Business Entity Concept
Revenue Recognition Concept
Money Measurement Concept
Going Concern Concept
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
3. This concept states that a business firm will continue to carry on its activities for an indefinite period of time.
Business Entity Concept
Dual Aspect Concept
Money Measurement Concept
Going Concern Concept
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
4. It helps in calculating tax on business income calculated for a particular time period.
Accounting Period Concept
Dual Aspect Concept
Money Measurement Concept
Going Concern Concept
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
5. This concept requires asset to be shown at the price it has been acquired, which can be verified from the supporting documents.
Matching Concept
Historical Cost Concept
Accounting Period Concept
Going Concern Concept
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
6. It encourages the accountant to post each entry in opposite sides of two affected accounts
Matching Concept
Historical Cost Concept
Accounting Period Concept
Dual aspect Concept
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