20. Which of the following is not fundamental accounting assumption:
19. Mr. X has a closing stock costing Rs.10,000 but its market value is Rs.12,000. He shows this stock at Rs.12,000 in the financial statement. He has violated:
1. The objectives of accounting are to:
18. Mr. X valued inventory on FIFO Basis & LIFO basis during 2006 & 2007 respectively. He has violated:
17. Which of the following is not a general accepted measurement base:
16. Personal transactions are distinguished from the business transactions of an accounting period in accordance with:
15. Which principle enable the management to compare the result of one year with those of other years:
14. The accounting concepts hold the business to be separate and distinct from its owner:
13. Income or Expenses which arises in the current period as a result of errors or omission in the preparation of financial statement of one or more prior period.
12. Fundamental accounting assumptions as per AS – 1 are:
11. Financial statement are part of:
10. On Jan 1, Ram paid rent of Rs.10,000. These can be classified as:
9. An economic event that involves transfer of money or money’s worth is
8. Internal users of accounting information includes:
7. Accounting covers only the following activities:
6. Cash flow statement shows:
5. Accounting equation is represented by:
4. External users of accounting information are:
3. What are the systems of accounting:
2. Branches of accounting are