PSU Test 4

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Total Number of Question: 40

Time: 41 Minutes

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Name

Phone No

State

1. Human resources will not appear in the balance sheet according to

Accrual

Going concern

Money measurement concept

None

2. The ______ concept means that similar items in a set of accounts should be given similar accounting treatment and it should be applied from one period to another.

Going Concern

Prudence

Consistency

Materiality

3.‘A Limited’ purchased goods of ₹ 10,00,000, and sold 90% of goods and remaining goods market value is ₹ 90,000, and closing stock is 10%, but he recorded ₹ 90,000 and not ₹ 1,00,000. Which concept does he follows:

Materiality concept

Cost concept

Entity concept

Conservatism concept

4. Omission of Paise and showing the round figures in financial statements is based on:

Conservatism Concept

Consistency Concept

Materiality Concept

Realization Concept.

5. Assets are held in the business for the purpose of:

Re-sale

Conversion into cash

Earning reverse

None of the above

6. It is essential to standardize the accounting principles and policies in order to insure:

Transparency

Consistency

Comparability

All of the above.

7. In the financial, statement, contingent liability is:

Recognized

Not Recognized

Adjusted

None of the above

8. Rohan purchased goods for ₹ 25,00,000 and sold 4/5 lh of the goods amounting ₹ 18,00,000 and met expenses amounting ₹ 2,50,000 during the year, 2013. He counted net profit as ₹ 3,50,000 which accounting concept was followed by him?

Entity

Periodicity

Matching

Conservation

9. The determination of expenses for an accounting period is based on the principle of:

Objectivity

Materiality

Matching

Periodicity

10. The concepts of Conservation in balance sheet results in:

Increase in Cash

Decrease in Cash

Decrease in assets

No change in assets

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PSU Test 4

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