11th Accountancy - Book Back 1 Mark Quiz

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

• (a) Social accounting

• (b) Stewardship accounting

• (c) Management accounting

• (d) Responsibility accounting

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

• (a) Systematic recording of transactions

• (b) Ascertainment of the profitability of the business

• (c) Ascertainment of the financial position of the business

• (d) Solving tax disputes with tax authorities

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

• (a) Financial accounting

• (b) Management accounting

• (c) Human resources accounting

• (d) None of the above

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

• (a) Journal

• (b) Trial balance

• (c) Balance Sheet

• (d) Ledger

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

• (a) Creditor

• (b) Employee

• (c) Customer

• (d) Government

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

• (a) Money measurement concept

• (b) Cost concept

• (c) Business entity concept

• (d) Dual aspect concept

The concept which assumes that a business will last indefinitely is .......................

• (a) Business Entity

• (b) Going concern

• (c) Periodicity

• (d) Conservatism

GAAPs are:

• (a) Generally Accepted Accounting Policies

• (b) Generally Accepted Accounting Principles

• (c) Generally Accepted Accounting Provisions

• (d) None of these

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

• (a) Materiality

• (b) Money Measurement

• (c) Conservatism

• (d) Accrual

In India, Accounting Standards are issued by .......................

• (a) Reserve Bank of India

• (b) The Cost and Management Accountants of India

• (b) Supreme Court of India

• (d) The Institute of Chartered Accountants of India