WorksheetsQuiz 1- F A Unit 1
Total questions: 10
Worksheet time: 5mins
The matching concept matches which of the following?
Assets with liabilities
Capital with income
Revenues with expenses
Expenses with capital
According to the Money Measurement Principle
All transactions and events are recorded
All transactions and events which can be estimated in money terms are recorded in the books of accounts
All transactions and events which can be measured in money terms are recorded in the books of accounts
None of the above
According to the Business Entity Principle
transactions between the business and its owners are not recorded
transactions between the business and its owners are recorded considering them to be a one single entity.
transactions between the business and its owners are recorded from the business point of view
None of the above
According to the income tax act, a business has compulsory to adopt the accounting period
From 1st January to 31st December
From 1st April to 31st March
From 1st July to 30th June
None of the above
According to going concern concept
assets are recorded at cost and are depreciated over their useful life
assets are valued at their market value at the year end and are recorded in the books of accounts
assets are valued at their market value, recorded in the books and depreciation is charged on the market value
None of the above
Concept of consistency means
All the firms in the same industry should use identical accounting principles and procedures
All principles and procedures of accounting are utilized
Accounting principles and methods should remain consistent from one year to another
All of the above
According to the Revenue Recognition Principle, revenue should be brought into account only when it is actually realized.
True
False
Revenues are matched with expenses in accordance with going concern concept.
True
False
all information which is relevant to financial statement must be included in the financial statement
cost principle
disclosure principle
reliability principle
GAAP
Assets =
Capital -liabilities
Capital + liabilities
Capital -depreciation
liabilities -Profit
