Accounting Mcqs

Page No. 9

Which one of the following concepts states that the publication or presentation of financial statements should not be delayed?


aObjectivity concept

✖


bTiming concept

✖


cTimeliness concept

✓


dReliability concept

✖


View Answer Timeliness concept

Exercising a degree of caution in the case of judgements needed under the condition of uncertainity is the assumption of which of the following accounting concepts?


aMatching concept

✖


bTimeliness concept

✖


cAccrual concept

✖


dPrudence concept

✓


View Answer Prudence concept

Information about an item is _______ if its omission or misstatement might influence the financial decision of the users taken on the basis of that information


aConcrete

✖


bComplete

✖


cImmaterial

✖


dMaterial

✓


View Answer Material

Which of the following is time spann into which the total life of a business is divided for the purpose of preparing financial statements?


aFiscal year

✖


bCalendar year

✖


cAccounting period

✓


dAccrual period

✖


View Answer Accounting period

American companies prepare their financial statement in Dollars whereas Japanese companies produce financial statement in Yen. This is an example of:


aStable monetary unit concept

✖


bUnit of measurement concept

✓


cMoney value concept

✖


dCurrent swap concept

✖



The going concern concept assumes that


aThe entity continue running for foreseeable future

✖


bThe entity continue running until the end of accounting period

✖


cThe entity will close its operation in 10 years

✖


dThe entity can't be liquidated

✖



The allocation of owner's private expenses to his/her business violates which of the following?


aAccrual concept

✖


bMatching concept

✖


cSeparate business entity concept

✓


dConsistency concept

✖



The matching concept matches which of the following?


aAsset with liabilities

✖


bCapital with income

✖


cRevenues with expenses

✓


dExpenses with capital

✖



The revenue recognition principle dictates that all types of incomes should be recorded or recognized when


aCash is received

✖


bAt the end of accounting period

✖


cWhen they are earned

✓


dWhen interest is paid

✖


View Answer When they are earned

Does prudence concept allow a business to build substantially higher reserves or provisions than that are actually required?


aYes

✖


bNo

✓


cTo some extent

✖


dIt depends on the type of business

✖


View Answer No

Goto Page No.

Page 9 of 71

Alphabetical MCQs Categories
—

Here below You find all kind of categories of MCQs in alphabetical order.


"Comprehensive Collection of MCQs: Alphabetically Organized by Subject"
—

"Discover an extensive collection of multiple-choice questions (MCQs) neatly categorized by subject from A to Z. This resource is designed for anyone eager to explore various topics in a straightforward and organized manner. Whether you're a student preparing for exams, an educator seeking supplementary materials, or simply curious about different subjects, this compilation offers a convenient way to learn and assess your knowledge. With questions arranged alphabetically, navigation is effortless, allowing you to delve into subjects of interest at your own pace. Engage, learn, and expand your understanding with this accessible and comprehensive repository of MCQs!"


BolPakistan

bolpakistan.com.pk includes Job Mcqs and Pak Mcqs is the Top Largest Mcqs Forum in World, in which you can read Mcqs of All Subjects, PPSC test preparation, FPSC, NTS and PPSC PAST PAPERS, PPSC PAST MCQS. A Collection of Repeated MCQs for JOBs seekers.

Copyright © 2024, Designed & Developed by BolPakistan