Accounting MCQs

All the transactions measurable in the terms of money are recorded in accounts is according to

• business entity concept

• going concern concept

• money measurement concept

• accounting period concept

Dividing the expenditure into capital and revenue is according to

• business entity concept

• going concern concept

• money measurement concept

• accounting period concept

While putting the value or price of an entity in financial records the lowest price is recorded not the current price or current market value. This is known as

• Business Entity Concept

• Conservatism

• Cost Concept

• Money Measurement Concept

Co-operative societies is an example of

• personal account

• real account

• nominal account

• representative personal account

Outstanding salary account is a

• natural personal account

• artificial personal account

• representative personal account

• real account

Interest earned is a

• personal account

• real account

• nominal account

• representative personal account

Commission paid is a

• personal account

• real account

• nominal account

• representative personal account

Trading account is a

• personal account

• real account

• nominal account

• representative personal account

Profit and loss account is a

• personal account

• real account

• nominal account

• representative personal account

All revenue incomes are credited to

• manufacturing account

• trading account

• profit and loss account

• balance sheet