+1 Accountancy EM

The root of financial accounting system is............

• Social accounting

• Stewardship accounting

• Management accounting

• Responsibility accounting

Which one of the following is not a main objective of accounting?

• Systematic recording of transactions

• Ascertainment of the profitability of the business

• Ascertainment of the financial position of the business

• Solving tax disputes with tax authorities

Which one of the following is not a branch of accounting?

• Financial accounting

• Management accounting

• Human resources accounting

• None of the above

Financial position of a business is ascertained on the basis of...........

• Journal

• trail balance

• balance sheet

• ledger

Who is considered to be the internal user of the financial information? ..........

• Creditor

• employee

• customer

• government

The business is liable to the proprietor of the business in respect of capital introduced by the person according to

• Money measurement concept

• Cost concept

• Business entity concept

• Dual aspect concept

The concept which assumes that a business will last indefinitely is

• Business Entity

• Going concern

• Periodicity

• Conservatism

GAAPs are:

• Generally Accepted Accounting Policies

• Generally Accepted Accounting Principles

• Generally Accepted Accounting Provisions

• None of these

The rule of stock valuation 'cost price or realisable value' whichever is lower is based on the accounting principle of:

• Materiality

• Money measurement

• Conservatism

• Accrual

In India, Accounting Standards are issued by

• Reserve Bank of India

• The Cost and Management Accountants of India

• Supreme Court of India

• The Institute of Chartered Accountants of India