ACCOUNTING PRINCIPLES & CONCEPT

ACCOUNTING PRINCIPLES & CONCEPT

11th - 12th Grade

6 Qs

quiz-placeholder

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ACCOUNTING PRINCIPLES & CONCEPT

ACCOUNTING PRINCIPLES & CONCEPT

Assessment

Quiz

Mathematics

11th - 12th Grade

Hard

Created by

SUJEET SAHU

Used 42+ times

FREE Resource

6 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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

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