Question 1

Fixed assets are held by business for _____.

Accepted Answer

A) Converting into cash 
B) Generating revenue 
C) Resale 
D) None of the above 
A) Converting into cash 
B) Generating revenue 
C) Resale 
D) None of the above

Question 2

Long term assets having no physical existence but, possessing a value are called

Accepted Answer

A) Intangible assets 
B) Fixed assets 
C) Current assets 
D) Investments 
A) Intangible assets 
B) Fixed assets 
C) Current assets 
D) Investments

Question 3

Historical cost concept requires the valuation of an asset at

Accepted Answer

A) Original cost 
B) Replacement value 
C) Net realizable value 
D) Market value 
A) Original cost 
B) Replacement value 
C) Net realizable value 
D) Market value

Question 4

The debts which are to be repaid within a short period (a year or less) are referred to as,

Accepted Answer

A) Current Liabilities 
B) Fixed liabilities 
C) Contingent liabilities 
D) All the above 
A) Current Liabilities 
B) Fixed liabilities 
C) Contingent liabilities 
D) All the above

Question 5

For every debit there will be an equal credit according to

Accepted Answer

A) Matching concept 
B) Cost concept 
C) Money measurement concept 
D) Dual aspect concept 
A) Matching concept 
B) Cost concept 
C) Money measurement concept 
D) Dual aspect concept

Fixed assets are held by business for _____.

Long term assets having no physical existence but, possessing a value are called

Historical cost concept requires the valuation of an asset at

The debts which are to be repaid within a short period (a year or less) are referred to as,

For every debit there will be an equal credit according to

Accounting and Cost Management

Filters

Exam 1: Accounting Concepts and Principles

Fixed assets are held by business for _____.

Long term assets having no physical existence but, possessing a value are called

Historical cost concept requires the valuation of an asset at

The debts which are to be repaid within a short period (a year or less) are referred to as,

For every debit there will be an equal credit according to

Accounting and Cost Management

Filters