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Symposium

Authored by Saijith Nair

Financial Education

University

Used 1+ times

Symposium
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25 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The asset that can be easily converted into cash within a short period, ie.,1 year or less are known as

Current asset

Fixed assets

Intangible assets

Investments

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to which principle the same accounting methods should be used each year

Prudence

Full disclosure

Materiality

Consistency

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The elements of the accounting equation are

Assets, liabilities, capital

Liabilities, capital

Liabilities

capital

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Arun is a book -seller, which item will be goods for his business?

Purchase of computer

Purchase of fan

Purchase of furniture

Purchase of stationery

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The expenses due but not paid is known as-

Prepaid expenses

Debtors

Outstanding expenses

Bills receivable

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which accounting principle states that companies and their owners should be treated as separate legal entities?

Monetary Unit Assumption

Business Entity Concept

Periodicity Assumption

Going Concern Concept

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The concept that assumes a business will operate for a long period of time and will not be dissolved in the near future is:

Accrual Concept

Consistency Concept

Going Concern Concept

Materiality Concept

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