Accounting For Managers

131. The going concern concept assumes that

1. The entity continue running for foreseeable future
2. The entity continue running until the end of accounting period
3. The entity will close its operating in 10 years
4. The entity can't be liquidated

View answer

132. Accounting principles are divided into two types. These are ______________

1. Accounting Concepts
2. Accounting Conventions
3. Accounting Standards
4. Accounting Concepts &Accounting Conventions

View answer

133. Which expenses is a Capital Nature?

1. Depreciation
2. Wages
3. Salary
4. Stationary

View answer

134. The basic function of financial accounting is to

1. Record all business transaction
2. Interpret financial data
3. Assist the management in performing function effectively

View answer

135. Accounting principles are generally based on

1. Practicability
2. Subjectivity
3. Convenience in recording
4. None of these

View answer

136. According to the money measurement concept the following will be recorded in the books of accounts of the business

1. Health of the managing director of the company
2. Quality of company goods
3. Value of plant and machinery
4. Health of labour in factory

View answer

137. In case of a debt becoming bad, the amount should be credited to

1. Debtors Accounts
2. Bad debts a/c
3. Sales a/c

View answer

138. Accountant should follow the same principles of accounting continuously is as per which accounting convention

1. Convention of conservatism
2. Convention of full disclosure
3. Convention of consistency
4. None of these

View answer

139. A system in which accounting entries are made on the basis of amounts having become due for payment or receipt is called

1. Cash concept
2. Accrual concept
3. Matching concept
4. On-going concept

View answer

140. Debit all expenses and losses Credit all gains and income.

1. Real a/c
2. Personal a/c
3. Nominal a/c
4. None of these

View answer