The profounder of double entry system of book-keeping is ___________

(a)

J. R. Batlibai

(b)

Luca Pacioli

(c)

Old Kesal

(d)

Menhar

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

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

(a)

science

(b)

economic

(c)

commerce

(d)

business

Financial or business transaction is recorded, according to accrual concept of accounting ________.

(a)

When Cash is received or paid 

(b)

When transaction occurs

(c)

When Profit is Compted 

(d)

When balance sheet is prepared

Business enterprises is separate from its owner according to __________concept.

(a)

Money measurement concept 

(b)

matching concept 

(c)

Entity concept 

(d)

Dual aspect concept 

Which of the following is correct about 'Accounting Concept'?

(a)

Accounting concepts are based on accounting conventions

(b)

Accounting concepts are established by common accounting practices

(c)

Accounting concepts are methods or procedures accepted by general agreement

(d)

Personal judgment has no role in the adoption of accounting concepts.

A businessman purchased goods for Rs. 25, 00,000 and sold 80% of such goods during the accounting year ended 31st March 2015. The market value of the remaining goods was Rs, 4,00,000. He valued the closing inventory at cost. He violated the concept of ______.

(a)

Money measurement

(b)

Conservatism

(c)

Cost

(d)

Periodicity

Total sales during the year amount to Rs.70,000; cash sales Rs.10,000; Balance of trade receivables at the end of the year Rs.25,000. Cash received from customers during the year will be_________.

(a)

Rs. 35,000

(b)

Rs. 30,000

(c)

Rs. 37,000

(d)

None of the above

Selection of accounting policies is based on___________

(a)

Prudence

(b)

Substance over form

(c)

Materiality

(d)

All the above

Cost incurred should be matched with the revenues of the particular Period is based on _________

(a)

matching concept

(b)

historical cost concept

(c)

full disclosure concept

(d)

dual aspect concept