WorksheetsFinancial Accounting quiz dtd. 18.09.25
Total questions: 10
Worksheet time: 5mins
Primary purpose of accounting is (select all correct options)
Recording daily business transactions
Assessing income and financial position
Reporting the users of accounting information
Analysis and interpretation of financial information
Choose the correct Accounting equation
Assets= Capital + Liabilities
Capital= Assets + Liabilities
Assets + Capital= Liabilities
Assets= Capital - Liabilities
Credit sales are recognised under which basis of accounting?
Cash Basis
Accrual Basis
Both
None
Trial Balance and Final Accounts can be prepared under Single Entry System of Accounting
True
False
Prepaid expenses are accounted following which accounting principle?
Cost
Matching
Accrual
Industry Practice
Which among the following is an internal user of accounting information
Investors
Empkoyees
Creditors
Customers
As per Going Concern concept , a business entity has a
Long life
Short life
Indefinite life
None
Purchase of calculator recorded as expense instead of asset following the principle of
Disclosure
Materiality
Consistency
Conservatism
Making provision for doubtful debts is as per the accounting convention of
Materiality
Consistency
Full disclosure
Conservatism
Accounting Standards Board in India was constituted in the year
1967
1973
1977
1991
