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Total questions: 19
Worksheet time: 10mins
Name
Class
Date
1.
As per income tax act , accounting period is :
a)
from 1st january to 31st december
b)
from 1st april to 31st march
c)
from 1st july to 30th june
d)
from Diwali to Diwali
2.
As per dual aspects principle :
a)
Assets = Liabilities - Capital
b)
Assets = Capital - Liability
c)
Assets = Liabilities + Capital
d)
Capital = Asset + Liability
3.
Concept of consistency means :
a)
all the firm in the same industry should be identical accounting principles and procedures
b)
all principle and procedures of accounting are utilised
c)
accounting principles and methods should remain consistent from one year to another
d)
all of the above
4.
Principle of conservatism takes into account :
a)
all future profit and losses
b)
all future profits and no losses
c)
all future losses and not profits
d)
neither profits nor losses of the future
5.
According to principle of conservatism closing stock is valued at :
a)
at cost price
b)
at realisable value
c)
cost price or realisable value whichever is less
d)
at real value
6.
According to principle of conservatism :
a)
provision is made for bad and doubtful debts
b)
depreciation is charged on assets
c)
recording is made of outstanding expenses
d)
all of the above
7.
According to which principle even the proprietor of the business is treated as a creditor of the business :
a)
going concern
b)
cost principle
c)
business entity principle
d)
accounting period principle
8.
Due to which principle qualitative transactions are not recorded in books :
a)
business entity principle
b)
money measurement principle
c)
historical cost principle
d)
dual aspect principle
9.
Accrual concept is based on :
a)
matching principle
b)
dual aspect principle
c)
cost principle
d)
going concern concept
10.
According to which principle the same accounting methods should be used each year :
a)
prudence
b)
full disclosure materiality
c)
materiality
d)
consistency
11.
Due to which of the following , contingent liabilities are shown in the balance sheet :
a)
dual aspect principle
b)
principle of full disclosure
c)
principle of materiality
d)
going concern concept
12.
The cost of a small calculator is accounted as an expense and not shown as an asset in financial statement of a business entity due to…..
a)
materiality concept
b)
matching concept
c)
periodicity concept
d)
principle of full disclosure
13.
According to the cost concept
a)
assets are recorded at lower of cost and market value
b)
assets are recorded by estimating the market value at the time of purchase
c)
assets are recorded at the value paid for acquiring it
d)
assets are not recorded
14.
Providing depreciation an fixed asset is in accordance with which of the following principles/concept . (1) Going concern (2) Matiching principle (3) Materiality
a)
1 and 2
b)
2 and 3
c)
1 and 3
d)
all the three
15.
The owner of the firm records his medical expenses in the firm's income statement . Indicate the principle that is violated.
a)
cost principle
b)
prudence
c)
full disclosure
d)
entity concept
16.
M/s Future Ltd. has invested Rs 10,000 in the shares of Relicam Industries Ltd. Current market value of these shares is Rs 10,500. Accountant of Future Ltd wants to show Rs 10,500 as value investment in the books of accounts , which accounting convention restricts him for doing so ?
a)
full disclosure
b)
consistency
c)
conservatism
d)
materiality
17.
Which of these is not a fundamental accounting assumption ?
a)
going concern
b)
consistency
c)
accrual
d)
materiality
18.
Ommision of paise and showing the round figures in financial statements is based on …..
a)
conservatism concept
b)
consistency concept
c)
materiality concept
d)
money measurement concept
19.
Income is measured on the basis of :
a)
None of them
b)
matching concept
c)
consistency concept
d)
cost concept
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