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

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