Financial and Management Accounting (NTA-NET (Based on NTA-UGC) Commerce (Paper-II)): Questions 1 - 5 of 148

Access detailed explanations (illustrated with images and videos) to 1264 questions. Access all new questions we will add tracking exam-pattern and syllabus changes. Subscription can be renewed yearly absolutely FREE! View Sample Explanation or View Features.

Rs. 550.00 or

How to register?

Question number: 1

» Financial and Management Accounting » Basic Accounting Concept

Edit
MCQ▾

Question

Which of the following accounting equation is correct?

Choices

Choice (4) Response

a.

Capital + assets = liabilities

b.

Capital – liabilities = assets

c.

Capital + liabilities = assets

d.

Capital = assets + liabilities

Question number: 2

» Financial and Management Accounting » Basic Accounting Concept

Edit
MCQ▾

Question

Which of the following concepts are also known as “prudence”?

Choices

Choice (4) Response

a.

Conservatism

b.

Consistency

c.

Materiality

d.

Full Discloser

Question number: 3

» Financial and Management Accounting » Basic Accounting Concept

Edit
MCQ▾

Question

The policy of “anticipate no profit and provide for all possible losses” is followed due to

Choices

Choice (4) Response

a.

Cost

b.

Materiality

c.

Conservatism

d.

Consistency

Question number: 4

» Financial and Management Accounting » Basic Accounting Concept

Edit
MCQ▾

Question

According to which of the following concept, while determining the net income from business, all expenses should be charged against that revenues in securing which are incurred during an accounting period?

Choices

Choice (4) Response

a.

Business entity concept

b.

Cost concept

c.

Accounting period concept

d.

Matching concept

Question number: 5

» Financial and Management Accounting » Basic Accounting Concept

Edit
MCQ▾

Question

What are the limitations of money measurement concept?

Choices

Choice (4) Response

a.

Any transaction/event in spite of being very important can’t be recorded in the books of account, it can’t be expressed.

b.

As per this concept, transaction is recorded at its money value on the date of occurrence and the subsequent changes in the money value are conveniently ignored.

c.

Both a. and b. are correct

d.

Question does not provide sufficient data or is vague

Developed by: