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11th Accountancy Weekly Test - 1 ( Conceptual Framework of Accounting )

MABS Institution

11th Accountancy Weekly Test - 1 ( Conceptual Framework of Accounting )-Aug 2020

Time : 1.30 Hours

Part - A

Multiple Choice Question - Answer All Question

_________ requires analytical skill.

Accounting
Single entry
Book-keeping
Ledger

When money came into existence, ____________ activities involving money also flourished along with it.

science
economic
commerce
business

Which of the following may be called the language of the business?

Economics
Statistics
Accountancy
English

The incomplete system of accounting __________.

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

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.

If a company fails to make mention of a major law suit filed against it, which it might lose, the Accounting principle violated is that of ____________________

Conservatism
Cost principle
Materiality
Full disclosure

_______________are made for outstanding and prepaid expenses and income.

Adjustments
Journals
Ledger
Trial balance

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

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

_____________ concept implies that is Accounting, every transaction, or happening or event is recorded in terms of money.

Business entity
Money measurement
Cost
Full disclosure

Matching concept means __________.

Transactions recorded at accrul concept
Anticipate no profit but recognize all losses
Asset=capital-liabilities
Expenses=Revenue

Part - B

Generic 2 - Answer All Question

Give any two advantages of book-keeping.

What are the conventions of accounting?
What do you understand by consistency principle?

What do you mean by going concern assumption?

Explain the various accounting assumptions

Part - C

Generic 3 - Answer All Question

What do you mean by IFRS?

What is matching concept? Why should a business concern follow this concept?

What are the features of book-keeping?
What are the objectives of book-keeping?

What are the basic concepts of accounting?

Part - D

Generic 5 - Answer All Question

Explain the advantages of Book-keeping.

Explain the meaning of Book-keeping and its features

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

Explain briefly accounting conventions
What are the differences between Book keeping and Accounting?

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