This document contains 11 multiple choice questions about accounting concepts. The questions cover topics such as the money measurement concept, dividing expenditures into capital and revenue, using the lowest price value in financial records according to the conservatism concept, different types of accounts including personal, real, nominal and representative personal accounts, and details about specific accounts like trading, profit and loss, and how revenues are recorded.
This document contains 11 multiple choice questions about accounting concepts. The questions cover topics such as the money measurement concept, dividing expenditures into capital and revenue, using the lowest price value in financial records according to the conservatism concept, different types of accounts including personal, real, nominal and representative personal accounts, and details about specific accounts like trading, profit and loss, and how revenues are recorded.
This document contains 11 multiple choice questions about accounting concepts. The questions cover topics such as the money measurement concept, dividing expenditures into capital and revenue, using the lowest price value in financial records according to the conservatism concept, different types of accounts including personal, real, nominal and representative personal accounts, and details about specific accounts like trading, profit and loss, and how revenues are recorded.
1. All the transactions measurable in the terms of money are recorded in accounts is according to A. business entity concept B. going concern concept C. money measurement concept D. accounting period concept ANSWER: C 2. Dividing the expenditure into capital and revenue is according to A. business entity concept B. going concern concept C. money measurement concept D. accounting period concept ANSWER: D 3. While putting the value or price of an entity in financial records the lowest price is recorded not the current price or current market value. This is known as A. Business Entity Concept B. Conservatism C. Cost Concept D. Money Measurement Concept ANSWER: B 4. Co-operative societies is an example of A. personal account B. real account C. nominal account D. representative personal account ANSWER: A 5. Outstanding salary account is a A. natural personal account B. artificial personal account C. representative personal account D. real account ANSWER: C 6. Interest earned is a A. personal account B. real account C. nominal account D. representative personal account ANSWER: C 7. Commission paid is a A. personal account B. real account C. nominal account D. representative personal account ANSWER: C 8. Trading account is a A. personal account B. real account C. nominal account D. representative personal account ANSWER: C 9. Profit and loss account is a
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ACCOUNTING Multiple Choice Questions & Answers A. personal account B. real account C. nominal account D. representative personal account ANSWER: C 10. All revenue incomes are credited to A. manufacturing account B. trading account C. profit and loss account D. balance sheet ANSWER: C 11. In profit and loss account, if credit is more than the debit, the difference is A. net profit B. net loss C. gross profit D. gross loss ANSWER: A
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