InstaQB

Home
Institutions
- Institutions
  
  Polytechnic Colleges
  
  Medical Colleges
  
  Arts & Science Colleges
  
  Universities
  
  Engineering Colleges
  
  Agricultural Colleges
  
  Research Institute
  
  Law Colleges
  
  Audiology and Speech Colleges
  
  Business & Management colleges
  
  Nursing colleges
  
  Hotel Management institutes
  
  Aeronautical Colleges
  
  Bachelor's Degree
Syllabus
Courses
Stateboard
- 12th Standard English Medium
  
  Maths
  
  Physics
  
  Chemistry
  
  Biology
  
  Computer Science
  
  Business Maths
  
  Economics
  
  Commerce
  
  Accountancy
  
  History
  
  Computer Applications
  
  Computer Technology
  12th Standard Tamil Medium
  
  உயிரியல்
  
  கணினி பயன்பாடுகள்
  
  கணினி அறிவியல்
  
  வணிகக் கணிதம்
  
  வணிகவியல்
  
  பொருளியல்
  
  கணிதவியல்
  
  வேதியியல்
  
  இயற்பியல்
  
  கணினி தொழில்நுட்பம்
  
  வரலாறு
  
  கணக்குப்பதிவியல்
  11th Standard English Medium
  
  Maths
  
  Commerce
  
  Economics
  
  Biology
  
  Business Maths
  
  Accountancy
  
  Computer Science
  
  Physics
  
  Chemistry
  
  Computer Applications
  
  History
  
  Computer Technology
  
  Bio - Zoology
  11th Standard Tamil Medium
  
  கணிதவியல்
  
  உயிரியல்
  
  பொருளியல்
  
  இயற்பியல்
  
  வேதியியல்
  
  வணிகக் கணிதம்
  
  கணினி அறிவியல்
  
  கணக்குப்பதிவியல்
  
  வணிகவியல்
  
  கணினி பயன்பாடுகள்
  10th Standard English Medium
  
  Mathematics
  
  Science
  
  Social Science
  
  9th Standard English Medium
  
  Mathematics
  
  Science
  
  Social Science
  
  8th Standard English Medium
  
  Mathematics
  
  Science
  
  Social Science
  7th Standard English Medium
  
  Mathematics
  
  Science
  
  Social Science
ICSE/ISC
- Class XII
  
  Mathematics
  
  Physics
  
  Accountancy
  
  Biology
  
  History
  
  Geography
  
  Psychology
  
  chemistry
  
  Economics
  
  Computer Science
  
  Political Science
  
  Business Studies
  Class XI
  
  Accountancy
  
  Chemistry
  
  Mathematics
  
  Biology
  
  Geography
  
  Physics
  
  History
CBSE
- 12Th Standard
  
  Physics
  
  Chemistry
  
  Maths
  
  Biology
  
  History
  
  Economics
  
  Commerce
  
  Geography
  
  Socialogy
  
  Business Studies
  
  Computer Science
  
  Biotechnology Class
  
  Political Science
  
  Home Science
  11Th Standard
  
  Physics
  
  Chemistry
  
  Maths
  
  Biology
  
  History
  
  Economics
  
  Commerce
  
  Socialogy
  
  Business Studies
  
  Geography
  
  Home Science
  
  Computer Science
  
  Biotechnology Class
  
  Political Science
  10Th Standard
  
  Physics
  
  Chemistry
  
  Biology
  
  Mathematics
  
  Economics
  
  Geography
  
  History & Civics
  
  Computer Application
  9Th Standard
  
  Physics
  
  Chemistry
  
  Biology
  
  mathematics
  
  Computer Application
  
  Economics
  
  Geography
  
  History & Civics

11th Accountancy Monthly Test - 4 ( Conceptual Framework of Accounting )

MABS Institution

11th Accountancy Monthly Test - 4 ( Conceptual Framework of Accounting )-Aug 2020

Time : 2.00 Hours

Part - A

Multiple Choice Question - Answer All Question

Under matching concept, which of the following is matched?

Cost and profit earned
Cost and revenue earned
Cost and loss earned

Cost incurred should be matched with the revenues of the particular period is based on ______ concept.

matching
historical cost
full disclosure

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

The assets are recorded in the books of accounts in the cost of acquisition based on

Cost concept
Going concern concept
Money Measurement concept
Business entity concept

Evaluating the performance of different periods is possible in _______

Periodicity concept
Dnal aspect
Accrual concept

___________ involves recording business transactions of financial nature in the books of accounts.

Balance Sheet
Trial balance
book keeping
All the above

_________________ is an art of recording business transactions based on certain principles.

Double entry
Single entry
Book keeping
Accounting

Which of the following does not follow dual aspect concept?

Increase in one asset and decrease in other asset
Increase in both asset liability
Decrease in one asset and decrease in other asset
Increase in one asset and increase in capital

The non-financial transactions are not entered because of __________.

Money measurement concept
matching concept
Entity concept
Dual aspect concept

A firm purchased five briefcases for its managers costing Rs.1000 each. The accountant charged it to profit and loss account instead of showing as an asset this was done under

Consistency concept
Business entity concept
Money measurement concept
Materiality concept

_________ requires analytical skill.

Accounting
Single entry
Book-keeping
Ledger

The business is liable to the proprietor of the business in respect of capital introduced by the person according to

Money measurement concept
Cost concept
Business entity concept
Dual aspect concept

Which of the following is included in the process for book keeping?

Reading
Elimination
Analysis
Recording and Classification

ICAI stands for_________.

Institute of Chartered Accountants of India
Institute of Cost Accountants of India
International Chartered Accounts Investigation
None of the above

The incomplete system of accounting __________.

Double Entry System
Single Entry System
Double Account system
None of these above

__________ concept helps in keeping business affairs free from the influence of personal affairs of the owner.

Business entity
Money measurement
Cost
Dual aspect

_________ said "Book-keeping is an art of recording business dealings in a set of books”.

J.R. Batliboi
R.N. Carter
Luca Pacioli
Menhar

The business is continuous in its operations for a foreseeable future comes under which concept?

Money measurement
Business entity
Going concern concept

Matching concept is based on the_____________________

Accrual Concept
Going concern concept
Money measurement concept
Accounting Period Concept

The dual aspect concept is the basis for ______ system.

single entry
double entry
more entry

The word convention refers _________.

traditions
trade
business
accounting

Only monetary transactions are recorded in _______ concept of accounting.

dual
matching
money measurement
prudence principle

___________will be very much uneconomical to record small details in Accounting.

Full disclosure
Consistency
Convention of materiality
Convention of conservatism

If a land is purchased for Rs. 3,00,000 and its market value is Rs. 5,00,000. At the time of preparing final accounts the land value is recorded only for____________.

Rs. 5,00,000
Rs. 3,00,000
Rs. 8,00,000
Rs. 2,00,000

The proprietor of the business is treated as a creditor for capital introduced by him according to _____________________

Money measurement concept
Cost concept
Business entity concept
Dual aspect concept

What is the other name for cost of acquisition?

Cost
Historical cost
Cost of sales

Which of the following is correct about 'Accounting Concept'?

Accounting concepts are based on accounting conventions
Accounting concepts are established by common accounting practices
Accounting concepts are methods or procedures accepted by general agreement
Personal judgment has no role in the adoption of accounting concepts.

In which year Accounting Standards Board implemented?

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

The basic accounting equation i.e. Capital + Liabilities = Assets is based on

Matching concept
Periodicity concept
Dual aspect concept
Accrual concept

IFRS are

International Financial Reporting Standards
International Final Reporting Standards
India Financial Reporting Standards
India Final Reporting Standards

The practice of transferring closing stock into trading accounting is the ________concept.

Going Concern Concept
Matching Concept
Money Measurement Concept
Revenue Realization Concept

As per dual aspect concept, every business transaction has _______

three aspects
one aspect
two aspects

____________ is a branch of knowledge.

Accountancy
Accounting
book keeping
double entry

Going concern assumption tell us the life of the business is________.

very short
very long
short
none

The word ___________ refers to traditions or customs.

Accounting
Book keeping
Convention
None of these

Part - B

Generic 5 - Answer All Question

Explain the meaning of Book-keeping and its features

Explain the advantages of Book-keeping.

Explain briefly accounting conventions

What are the differences between Book keeping and Accounting?

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

Comment

Add Comment

Tamilnadu Stateboardszs - Class