MCQs 1 To 10
1. Specific business entity separate from personnel affair of the owner is?
2. According to money measurement concept, which one of the following will be recorded in the books of accounts?
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?
4. The currency remains more or less stable and rate of inflation is almost zero is?
5. Contingent liability appears as a footnote in the balance sheet. This is in accordance with the accounting principle?
6. Connected with cost principles, assets required for used not for resale?
7. Which principle specifies that cost or expenses should be recorded at the same time as the revenue to which they correspond?
8. A business is treated, as an entity is its own right, separate from its owner is called?
9. Assets are usually shown in Balance Sheet at?
10. Which one of the following concept may be stated as "for every debit, there is a credit"?
MCQs 11 To 20
11. Which of the following is the GAAP that requires the recording of depreciation?
12. Which of the following is true?
13. The most acceptable method of measuring income is?
14. Assets Reported in the Balance Sheet is at?
15. The revenue recognition principle requires that sales revenues be recognized?
16. Which of the following is the GAAP that requires the recording of depreciation?
17. How are tangible assets, which were created or developed internally, valued?
18. The requirement that only transaction data capable of being expressed in terms of money is included in the accounting records relates to the?
19. A record maintained which is measurable in the form of money, this concept of accounting is known as?
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?
>>> Practice Financial Statement.
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.