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Accounting Concepts and conventions

Authored by Tina Blackstock

Education

10th Grade

Used 132+ times

Accounting Concepts and conventions
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11 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

30 sec • 1 pt

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

30 sec • 1 pt

This concept states that a business firm will continue to carry on its activities for an indefinite period of time.

Money Measurement Concept

Historical Cost Concept

Going Concern Concept

Dual Aspect Concept

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This concept requires asset to be shown at the price it has been acquired, which can be verified from the supporting documents.

Historical Cost Concept

Accounting Period Concept

Revenue Recognition Concept

Matching Concept

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

It encourages the accountant to post each entry in opposite sides of two affected accounts

Money Measurement Concept

Full disclosure convention

Dual aspect Concept

Realisation concept

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

It helps in knowing actual expenses and actual income during a particular time period.

Matching Concept

Accrual Concept

Revenue Recognition Concept

Cost Concept

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

It guides how the expenses should be matched with revenue for determining exact profit or loss for a particular period.

Accrual Concept

Matching Concept

Revenue Recognition Concept

Going Concern Concept

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