GAAP MCQs
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MCQs 1 To 10
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1. Specific business entity separate from personnel affair of the owner is?
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2. According to money measurement concept, which one of the following will be recorded in the books of accounts?
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3. A company purchased a computer, office furniture and office supplies by issuing a check for Rs. 5,000 and a note payable for Rs. 19,500. The market value of the item was Rs. 26,300. The total recorded value of the items are?
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4. The currency remains more or less stable and rate of inflation is almost zero is?
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5. Contingent liability appears as a footnote in the balance sheet. This is in accordance with the accounting principle?
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6. Connected with cost principles, assets required for used not for resale?
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7. Which principle specifies that cost or expenses should be recorded at the same time as the revenue to which they correspond?
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8. A business is treated, as an entity is its own right, separate from its owner is called?
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9. Assets are usually shown in Balance Sheet at?
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10. Which one of the following concept may be stated as "for every debit, there is a credit"?
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MCQs 11 To 20
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11. Which of the following is the GAAP that requires the recording of depreciation?
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12. Which of the following is true?
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13. The most acceptable method of measuring income is?
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14. Assets Reported in the Balance Sheet is at?
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15. The revenue recognition principle requires that sales revenues be recognized?
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16. Which of the following is the GAAP that requires the recording of depreciation?
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17. How are tangible assets, which were created or developed internally, valued?
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18. The requirement that only transaction data capable of being expressed in terms of money is included in the accounting records relates to the?
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19. A record maintained which is measurable in the form of money, this concept of accounting is known as?
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20. The charging of depreciation expense over the life of an asset rather than the immediate full expensing of its cost is an example of?
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>>> Practice Financial Statement.
References
Mukharji, A., & Hanif, M. (2003). Financial Accounting (Vol. 1). New Delhi: Tata McGraw-Hill Publishing Co.
Narayanswami, R. (2008). Financial Accounting: A Managerial Perspective. (3rd, Ed.) New Delhi: Prentice Hall of India.
Ramchandran, N., & Kakani, R. K. (2007). Financial Accounting for Management. (2nd, Ed.) New Delhi: Tata McGraw Hill.
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