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

The concept which assumes that a business will last indefinitely is

(a)

Business Entity

(b)

Going concern

(c)

Periodicity

(d)

Conservation

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

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

___________ 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

____________ is a branch of knowledge.

(a)

Accountancy

(b)

Accounting

(c)

book keeping

(d)

double entry

According to _____________ concept only business transactions are recorded.

(a)

Dual aspect

(b)

Cost

(c)

Business entity

(d)

Money measurement

International Financial reporting standards established in __________

(a)

1947

(b)

1956

(c)

1970

(d)

1973

The rule 'every transactions affects two or more ledger accounts' is based on the concept of______

(a)

Going concern

(b)

Double entry system of book-keeping

(c)

Money measurement

(d)

Periodicity

Which one of the following is not a fundamental accounting assumption?

(a)

Going concern

(b)

Consistency

(c)

Prudence

(d)

Accrual