Exam 2: Accounting Concepts and Principles

M/s Stationery Mart will debit the purchase of stationery to _______

Fixed assets are double the current assets and half the capital. The current assets are Rs.3,00,000 and investments are Rs.4,00,000. Then the current liabilities recorded in balance sheet will be

As per accrual concept, which of the followings is not true

According to which concept, the proprietor pays interest on drawings

If nothing is written about the accounting assumption to be followed it is presumed that

Capital A/c is a _______ A/c.

Valuation of stock in accounting follows the principle of cost price or ____ whichever is lower.

Which of the following factor is not considered while selecting accounting policies?

Mr. X sold goods to Mr. Y ask Mr. X to keep the goods with him for some time

The policy of anticipate no profit and provide for all possible losses arise due to the concept of _____

If the Market value of closing Inventory is less than its cost price, inventory will he shown at ____

Which of the following provide frame work and accounting policies so that the financial statements of different enterprises become comparable.

The Market price of good declined than the cost price. Then the concept that plays a key role is ____