Conceptual Framework of Accounting One Mark Questions

11th Standard

    Reg.No. :
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Accountancy

Time : 00:30:00 Hrs
Total Marks : 20
    15 x 1 = 15
  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. The concept which assumes that a business will last indefinitely is

    (a)

    Business Entity

    (b)

    Going concern

    (c)

    Periodicity

    (d)

    Conservation

  4. GAAPs are:

    (a)

    Generally Accepted Accounting Policies

    (b)

    Generally Accepted Accounting Principles

    (c)

    Generally Accepted Accounting Provisions

    (d)

    None of these

  5. The rule of stock valuation 'cost price or realisable value' whichever is lower is based on the accounting principle of :

    (a)

    Materiality

    (b)

    Money measurement

    (c)

    Conservatism

    (d)

    Accrual

  6. ___________ is the process of recording business transactions in the books of accounts in a systematic way.

    (a)

    book keeping

    (b)

    Accountancy

    (c)

    Statistics

    (d)

    none of these

  7. When money came into existence, ____________ activities involving money also flourished along with it.

    (a)

    science

    (b)

    economic

    (c)

    commerce

    (d)

    business

  8. ___________ involves recording business transactions of financial nature in the books of accounts.

    (a)

    Balance Sheet

    (b)

    Trial balance

    (c)

    book keeping

    (d)

    All the above

  9. Book keeping prepares the ground for the important steps of finalising and interpretation which are usually performed by _____________.

    (a)

    accounting

    (b)

    economics

    (c)

    double entry

    (d)

    none of these

  10. ___________ said "Book keeping is an art of recording business dealings in a set of books".

    (a)

    Norcot

    (b)

    J.R. Batliboi

    (c)

    R.N. Carter

    (d)

    Keynes

  11. _________________ is an art of recording business transactions based on certain principles.

    (a)

    Double entry

    (b)

    Single entry

    (c)

    Book keeping

    (d)

    Accounting

  12. _______________ cannot remember all the transactions for quite a long time.

    (a)

    Owners

    (b)

    Bankers

    (c)

    Consumers

    (d)

    Business Managers

  13. __________ is useful to find out tax liability in case of sales tax, income tax, property tax, etc

    (a)

    Double entry

    (b)

    Book keeping

    (c)

    Economics

    (d)

    Statistics

  14. __________________ is basically generating financial information.

    (a)

    Accounting

    (b)

    Accountancy

    (c)

    Economic

    (d)

    Book keeping

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

    (a)

    Economic

    (b)

    Statistics

    (c)

    Accountancy

    (d)

    None of these

  16. 5 x 1 = 5
  17. Book keeping

  18. (1)

    Acconting Process

  19. GAAP

  20. (2)

    Accounting Principles

  21. ASB

  22. (3)

    Process of recording

  23. IFRS

  24. (4)

    lndustrial Pinnncinl Reporting Standards

  25. Accounting

  26. (5)

    Accounting Standards Board

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