Accounting Concepts and conventions

Quiz
•
Education
•
10th Grade
•
Medium
Tina Blackstock
Used 130+ times
FREE Resource
11 questions
Show all answers
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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