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WorksheetsAccounting slip trst
Total questions: 15
Worksheet time: 8mins
Provision for Bad debts is due to the principle of
Conservatism
Matching
Revenue
Both a & b
Recording of fixed assets at cost is adherence of
Conservatism
Cost concept
Going concern concept
Accrual concept
Fundamental Accounting Assumptions are
Going concern, conservatism, accrual
Going concern, matching,consistency
Going concern, consistency,accrual
Going concern, entity, periodicity
The Accounting equation is based on
Going concern
Dual aspect
Money measurement
All of these
Which concept is the basic idea that the business is separate from owner
Dual aspect
Entity
Realization
Materiality
The owner of a company includes his personal expenses in the company's income statement. Indicate the principal that is violated
Cost principle
Conservatism
Disclosure
Entity concept
Window dressing of accounts means
Presenting accounts in a beautiful manner
Showing more losses to avoid income tax
Showing more profits to attract investments
All of the above
Which financial statement represents the accounting equation
Assets = Liabilities+ owner's equity
Income statement
Cash flow statement
Balance sheet
Funds flow statement
Which of these is not a fundamental accounting assumption
Going concern
Consistency
Conservatism
Accrual
Fixed assets and Current assets are categorised as per the concept of
Separate entity
Going concern
Consistency
Time period
The obligation of an enterprise other than owners fund are known as
Assets
Liabilities
Capital
None of these
Proprietor is treated as creditor of business due to
Periodicity concept
Materiality concept
Entity concept
Consistency concept
Outstanding expenses is included in p& l a/c, according to which concept
Matching
Full disclosure
Accrual
Going concern
Human resource can't be shown in the balance sheet because of which concept
Realisation
Conservatism
Going concern
Money measurement
Matching concept is based on Revenue - ________ = profit
Liability
Expense
Asset
None
