Financial and Management Accounting-Basic Accounting Concept (CBSE-NET (UGC) Commerce (Paper-II & Paper-III)): Questions 6 - 9 of 10

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Question number: 6

» Financial and Management Accounting » Basic Accounting Concept

MCQ▾

Question

Qualitative transactions are not recorded in accounts due to

Choices

Choice (4) Response

a.

Going concern concept

b.

Dual aspect concept

c.

Money measurement concept

d.

Business entity concept

Question number: 7

» Financial and Management Accounting » Basic Accounting Concept

MCQ▾

Question

The fundamental accounting equation “assets = liabilities” is the formal expression of

Choices

Choice (4) Response

a.

Money measurement concept

b.

Matching concept

c.

Going concern concept

d.

Dual aspect concept

Question number: 8

» Financial and Management Accounting » Basic Accounting Concept

Appeared in Year: 2017

Match List-Ⅰ List-Ⅱ▾

Question

Match the items of List-I with items of List-II and indicate the code of correct matching. (January Paper 2)
List-Ⅰ (Group I) List-Ⅱ (Group II)

(A)

Principle of Conservatism

(i)

Recording punctuality and honesty of employees of an organization.

(B)

Principle of Money Measurement

(ii)

Valuing Plant and Machinery at cost less depreciation.

(C)

Principle of Separate Entity

(iii)

Capital contributed by proprietor is shown as liability in Balance Sheet.

(D)

Historical cost concept

(iv)

Valuing inventories at cost or market price whichever is less.

Choices

Choice (4) Response
  • (A)
  • (B)
  • (C)
  • (D)

a.

  • (ii)
  • (iii)
  • (i)
  • (iv)

b.

  • (i)
  • (iv)
  • (iii)
  • (ii)

c.

  • (i)
  • (ii)
  • (iii)
  • (iv)

d.

  • (iv)
  • (i)
  • (iii)
  • (ii)

Question number: 9

» Financial and Management Accounting » Basic Accounting Concept

Appeared in Year: 2016

MCQ▾

Question

Which of the following is deferred revenue expenditure?

Choices

Choice (4) Response

a.

Legal expenses incurred on the purchase of land.

b.

Expenses on a mega advertisement campaign while launching a new product.

c.

Expenses incurred on installation of a new machine.

d.

Wages paid for construction of an additional room in the building.

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