Commerce: Accountancy MCQs
1. Question
Cost concept envisages the recording of the follwing in the books of accounts:
an assets at its cost
Knowledge acquired by business executive
Change effected because of some political events
Answer
2. Question
The Entity concept of Accounting is applicable to
Sole Proprietary Concern
Partnership Firm
Joint stock Firm
All of the aforesaid
Answer
3. Question
Which one of the following is not a generally accepted accounting principle
Sales, revenues and incomes should not be anticipated or materially overstaed
There must be proper cut off accounting for inventories and liabilities for costs and expenses
Non recurring and extraordinary gains and losses should be recognized in the period the accrue but should be shown separately from the usual operations
Long-term investments in securities should ordinarily be carried at market quotaions
Answer
4. Question
Cost concept envisages the recording of the following in the books of accounts:
An asset at its cost
Knowledge acquired by business executive
Change effected because of some political events
Answer
5. Question
The entity concept of Accounting is applicable to
Sole proprietary concern
Partnership firm
Joint stock company
All of the aforesaid
Answer