An accounting concept according to which all relatively important and relevant items are disclosed in the financial statements is:

Which convention is also known as the doctrine of prudence?

According to which of the following concepts, for determining the net income from business, all costs which are applicable to the revenue of the period should be charged against that revenue?

Accounting rules, practices and conventions should be observed continuously and applied:

The concept of conservatism will have the effect of:

The concept of conservatism takes into account:

According to the concept of conservatism, the stock in trade is valued at:

Revenue is considered as being earned on the date at which it is realised:

According to which of the following concepts, even the proprietor of the business is treated as a creditor of the business?

According to which assumption, assets are shown in the accounting records at cost less depreciation:

Which of the following is not an Accounting concept?

According to going concern, a business is assumed as having:

The idea that personal and business financial transactions are kept separate is known as the:

If a company changes its inventory valuation method, what convention is it likely violating if it does not explain the change?

Money spent on marketing and advertising campaigns is typically classified as:

Which theory states that “for every debit, there is an equal and opposite credit”?

Accounting doesn’t at all record non-financial transactions due to the application of which concept?

As per which of the following concepts is the owner of the business treated as a lender of the business?

Accounting doesn’t at all record non-financial transactions as a result of the accounting principle of separation of duties

Which of the following principles indicates that sometimes the owner of the capital may be viewed as a creditor of the company?

Recording of Fixed Assets at cost ensures adherence of

Human resources will not appear in the balance sheet according to ----------- concept.

The concept means that similar items in a set of accounts should be given similar accounting treatment and it should be applied from one period to another.

Accounting does not record non-financial transactions because of.

“Going concern concept” means that the business is assumed to exist for an indefinite period.

The valuation procedure for stock is cost or net realisable value, whichever is lower. The procedure follows as per

Provision for bad debt is made as per the

The expenditure Rs. 2,000 incurred on a trial run of newly purchased machine is.

Rs. 8,000 is spent on travelling expenses of the partner to a foreign trip for purchase of an asset to be used for the business is a/an:

Capital expenses are show in

Cost of consumable stores is an example of revenue expenditure.

Legal expenses incurred for abuse of trade mark.

Repair for a motor truck purchased second hand before using the same.

Amount spent for painting a new factory.

Amount spent against Research and development.

Commission paid against collection from debtors.

Salary paid to employees engaged in security job.

An irrecoverable debt recovered during the year will be

Rs. 5,000 incurred for up gradation of computer by installation of 128 MB RAM is

Cost of goods purchased for resale is an example of

Insurance claim received on account of machinery damaged completely by fire is

Freight paid on purchase of machinery is to be treated as revenue expenditure.