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This set of MCQs helps students to learn about various important things such as, identify the need for theory base of accounting, explain the nature of Generally Accepted Accounting Principles (GAAP), state the meaning and purpose of the basic accounting concepts, list the accounting standards issued by Institute of Chartered Accountants of India, describe the systems of accounting, describe the basis of accounting.
Meaning of credibility of going concern is:
The amount drawn by businessmen for his personal use is-
The basic accounting postulates are denoted by –
In India, the accounting standard board was set up in the year-
The sum of Liabilities and Capital is-
During the lifetime of an entity accounting produce financial statements in accordance with which basic accounting concept:
When information about two difference enterprises have been prepared presented in a similar manner the information exhibits the characteristic of:
A concept that a business enterprise will not be sold or liquidated in the near future is known as :
The primary qualities that make accounting information useful for decision-making are,
Relevance and freedom from bias
Reliability and comparability
Comparability and consistency
None of the above
Valuation of stock at lower of cost or net realizable value is an example of:
Conservatism
Realization Concept.
Matching concept
Consistency
