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11th Accountancy Monthly Test - 2 ( Conceptual Framework of Accounting )

MABS Institution

11th Accountancy Monthly Test - 2 ( Conceptual Framework of Accounting )-Aug 2020

Time : 2.30 Hours

Part - A

Multiple Choice Question - Answer All Question

In which year Accounting Standards Board implemented?

21-4-1977
21-4-1978
21-4-1979
21-4-1980

Total sales during the year amount to Rs.70,000; cash sales Rs.10,000; Balance of trade receivables at the end of the year Rs.25,000. Cash received from customers during the year will be_________.

Rs. 35,000
Rs. 30,000
Rs. 37,000
None of the above

GAAPs are:

Generally Accepted Accounting Policies
Generally Accepted Accounting Principles
Generally Accepted Accounting Provisions
None of these

As per dual aspect concept, every business transaction has___________

Three aspects
One aspect
Two Aspects
Four Aspects

In India, Accounting Standards are issued by

Reserve Bank of India
The Cost and Management Accountants of India
Supreme Court of India
The Institute of Chartered Accountants of India

___________ requires that all accounting transactions recorded should be based on objective evidence.

Matching concept
Cost concept
Dual aspect concept
Objective evidence concept

Evaluating the performance of different periods is possible in _______

Periodicity concept
Dnal aspect
Accrual concept

Going concern assumption tell us the life of the business is _______

very short
very long
limited

Which of the following is / are objectives of issuing Accounting Standard?

Improve the reliability of financial statements
Improve the comparability of financial statements
Provides a set of Accounting policies
All of these

___________________does not mean that the asset will always be shown at cost.

Cost concept
Full disclosure concept
Dual aspect
Measurement concept

Part - B

Generic 2 - Answer All Question

What is Accountancy

Write short notes on Dual aspect principle.

Explain in detail the modifying principles of accounting.

What are the basic assumption of accounting?
Write any two needs for accounting standards.

Why is it necessary for accountants to assume that business entity will remain a going concern?

Give any two advantages of book-keeping.

What do you mean by business entity assumption?

What do you mean by historical cost concept?

Part - C

Generic 3 - Answer All Question

What are the basic concepts of accounting?

What is the need for accounting standards?

Write a brief note on Accounting Standards.

"Only monetary transactions are recorded in accounting". Explain the statement.

Do you think that the principle of conservatism results in creating of secret reserve?
What is Accounting Standards in the words of Kohler?

What are the objectives of book-keeping?

What are the limitations of Book keeping

What are advantages of book-keeping?

Part - D

Generic 5 - Answer All Question

What do you mean by accounting concepts? Explain any five concepts.

Explain the meaning of Book-keeping and its features

What are the differences between Book keeping and Accounting?

Explain the advantages of Book-keeping.

Explain briefly accounting conventions

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