Financial Accounting

Test 1

1 (a) Going concern, Realisation, Cost 2 (c) Accrual 3 (d) All of the above 4 (d) Not an Expenditure 5 (a) Book keeping 6 (b) Revenue & transferred to P & L a/c 7 (a) Periodicity, Accural, Matching 8 (a) Explanation of meaning and significance of the data in Financial Statements. 9 (b) Conservatism 10 (d) Rent is a personal account, outstanding rent is nominal account 11 (a) Stewardship accounting 12 (b) Is assumed to be followed 13 (c) Entity 14 (b) Generating revenue 15 (d) Matching 16 (a) Capital 17 (d) All of the above 18 (c) Accounting methods & procedures shall be followed uniform basis year after year 19 (c) Dr Motor Car A/c & Cr Purchases A/c 20 (d) Cash, Premises 21 (c) Money measurement concept 22 (b) After deducting provision for doubtful debts. 23 (c) Out standing rent A/c 24 (d) Purchases A/c 25 (d) Outstanding expenses -current asset. 26 (b) Rs. 1,51,000 27 (a) Purchases A/c  28 (a) Materiality 29 (c) Entity concept 30 (c) Conservatism 31 (c)  Entity concept 32 (b) Historical cost 33 (a) Marketable value 34 (c) Realization 35 (b) 1,00,000 36 (b) Accounting Standards 37 (c) Accountancy 38 (a) Personal 39 (a) Real a/c 40 (c) sales + gross profit = revenue  41 (a) symbolic delivery 42 (b) They have not been followed 43 (a) Personal 44 (b) Real 45 (a) Personal a/c 46 (a) Expenses 47 (a) Cost of goods sold 48 (a) Building A/c 49 (c) Net realizable Value 50 (a)  Outstanding salaries Account