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Principles Of Accounting (MCQs)
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Principles Of Accounting (MCQs)
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20 Questions

1. An investment company has valued its inventory at its current market price, which is higher than its cost. Which accounting principle is violated?
2. According to which concept, the proprietor of the business is treated as the creditor to the extent of his capital?
3. International Accounting Standards adopted by International Accounting Standards Board and still in force are
4. The convention of Conservatism takes into account -
5. Which of the following is NOT a utility of Accounting Standards?
6. Rent for the month of March 2011 is not paid. Under which accounting concept it should be recorded as expense for the year ended March 31, 2011?
7. The convention of Conservatism takes into account -
8. Which of the following accounting concept says that asset is to be recorded at their original cost and depreciated in a systematic manner without reference to its market value?
9. Guneet purchased 1000 sq. yards land to build a factory and paid Rs. 15 lakhs towards its cost including registration charges. At the end of the financial year, the value of the land came down to RS. 13 lakhs. Guneet recorded the land at Rs. 13 lakhs and booked a loss of Rs. 2 lakhs. Which principle has been violated?
10. Which of the following accounting concept says that asset is to be recorded at their original cost and depreciated in a systematic manner without reference to its market value?
11. Which of the following is the title of AS-3 (Revised)?
12. A Company lost vital machinery in an accident on 2nd March, 2011 which will have adverse impact on its production capacity. As a result, it is likely to lose business to its competitors. The company needs to disclose this fact in its annual report for the year ended March 31, 2011 because of which principle?
13. Capital is a liability for the business. This statement is true because of which principle?
14. Which of the following is the International Accounting Standard for Intangible Assets?
15. Abacus Ltd. follows Written down value Method of depreciating machinery year after year due to -
16. According to which of the following concepts, in determining the net income from business, all costs which are applicable to the revenue of the period should be charged against that revenue?
17. Production of a factory had to stop for a week due to a labour strike. The owner estimated the loss of production and the likely loss of profit arising out of the situation. He directed the accountant to record the loss in the books of accounts. The accountant did not agree. Which principle directed him?
18. Rent for the month of March 2011 is not paid. Under which accounting concept it should be recorded as expense for the year ended March 31, 2011?
19. When goods are sold on credit to RameshRameshs account is debited and Sales account is credited. Which accounting concept is involved?
20. Valuation of stock at lower of cost or net realizable value is an example of:

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