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Conceptual Framework of Accounting Important Questions

11th Standard

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Accountancy

Time : 01:00:00 Hrs
Total Marks : 50
    5 x 1 = 5
  1. The business is liable to the proprietor of the business in respect of capital introduced by the person according to

    (a)

    Money measurement concept

    (b)

    Cost concept

    (c)

    Business entity concept

    (d)

    Dual aspect concept

  2. The profounder of double entry system of book-keeping is

    (a)

    J. R. Batlibai

    (b)

    Luca Pacioli

    (c)

    Old Kesal

    (d)

    Menhar

  3. In India, Accounting Standards are issued by

    (a)

    Reserve Bank of India

    (b)

    The Cost and Management Accountants of India

    (c)

    Supreme Court of India

    (d)

    The Institute of Chartered Accountants of India

  4. __________________ is basically generating financial information.

    (a)

    Accounting

    (b)

    Accountancy

    (c)

    Economic

    (d)

    Book keeping

  5. _____________ is the process of managing the income and expenses of a business firm.

    (a)

    Economic

    (b)

    Statistics

    (c)

    Accountancy

    (d)

    None of these

  6. 5 x 2 = 10
  7. What is meant by accounting concepts?

  8. Why is it necessary for accountants to assume that business entity will remain a going concern?

  9. As per consistency concept a company cannot change an accounting policy. Does this holds true in all instances? Explain.

  10. What do you mean by materiality-principle?

  11. Explain the various accounting assumptions

  12. 5 x 3 = 15
  13. What is matching concept? Why should a business concern follow this concept?

  14. "Only monetary transactions are recorded in accounting". Explain the statement.

  15. "Business units last indefinitely". Mention and explain the concept on which the statement is based.

  16. Write a brief note on Accounting Standards.

  17. What are the features of book-keeping?

  18. 4 x 5 = 20
  19. Explain the meaning of Book-keeping and its features

  20. What do you mean by accounting concepts? Explain any five concepts.

  21. What are the differences between Book keeping and Accounting?

  22. Explain briefly accounting conventions

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