Conceptual Framework of Accounting Book Back Questions

11th Standard

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Accountancy

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

    (a)

    Business Entity

    (b)

    Going concern

    (c)

    Periodicity

    (d)

    Conservation

  4. 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

  5. Which of the following does not follow dual aspect concept?

    (a)

    Increase in one asset and decrease in other asset

    (b)

    Increase in both asset liability

    (c)

    Decrease in one asset and decrease in other asset

    (d)

    Increase in one asset and increase in capital

  6. 3 x 2 = 6
  7. Briefly explain about revenue recognition concept.

  8. What is "Full Disclosure Principle" of accounting?

  9. Write a brief note on 'Consistency' assumption.

  10. 3 x 3 = 9
  11. What is matching concept? Why should a business concern follow this concept?

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

  13. Write a brief note on Accounting Standards.

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