Fundamental of Accounting Online Test

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


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Some answers are wrong. They contradict the textbook. Eg. Basic accounting assumptions

2920 days 20 hours 17 minutes ago

Nirav Shah
Conceptual Coaching for Accounts, Costing, F.M. and Income Tax
Tests: 3

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