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Accounting slip trst

Total questions: 15

Worksheet time: 8mins

Name
Class
Date
1.

Provision for Bad debts is due to the principle of

a)

Conservatism

b)

Matching

c)

Revenue

d)

Both a & b

2.

Recording of fixed assets at cost is adherence of

a)

Conservatism

b)

Cost concept

c)

Going concern concept

d)

Accrual concept

3.

Fundamental Accounting Assumptions are

a)

Going concern, conservatism, accrual

b)

Going concern, matching,consistency

c)

Going concern, consistency,accrual

d)

Going concern, entity, periodicity

4.

The Accounting equation is based on

a)

Going concern

b)

Dual aspect

c)

Money measurement

d)

All of these

5.

Which concept is the basic idea that the business is separate from owner

a)

Dual aspect

b)

Entity

c)

Realization

d)

Materiality

6.

The owner of a company includes his personal expenses in the company's income statement. Indicate the principal that is violated

a)

Cost principle

b)

Conservatism

c)

Disclosure

d)

Entity concept

7.

Window dressing of accounts means

a)

Presenting accounts in a beautiful manner

b)

Showing more losses to avoid income tax

c)

Showing more profits to attract investments

d)

All of the above

8.

Which financial statement represents the accounting equation

Assets = Liabilities+ owner's equity

a)

Income statement

b)

Cash flow statement

c)

Balance sheet

d)

Funds flow statement

9.

Which of these is not a fundamental accounting assumption

a)

Going concern

b)

Consistency

c)

Conservatism

d)

Accrual

10.

Fixed assets and Current assets are categorised as per the concept of

a)

Separate entity

b)

Going concern

c)

Consistency

d)

Time period

11.

The obligation of an enterprise other than owners fund are known as

a)

Assets

b)

Liabilities

c)

Capital

d)

None of these

12.

Proprietor is treated as creditor of business due to

a)

Periodicity concept

b)

Materiality concept

c)

Entity concept

d)

Consistency concept

13.

Outstanding expenses is included in p& l a/c, according to which concept

a)

Matching

b)

Full disclosure

c)

Accrual

d)

Going concern

14.

Human resource can't be shown in the balance sheet because of which concept

a)

Realisation

b)

Conservatism

c)

Going concern

d)

Money measurement

15.

Matching concept is based on Revenue - ________ = profit

a)

Liability

b)

Expense

c)

Asset

d)

None