1. Under which concept it is assumed that the enterprises has neither the intention nor the necessity
of liquidation or of curtailing materiality the scale of operation
a) Revenue realization concept
b) Matching cost concept
c) Going concern concept
d) None of these
2. Bookkeeping is an ______________ of correctly recording of business transition.
a) Art and Science
b) Art
c) Science
d) Art or Science
3. Journal Entries are known as book of ______________ Entry.
a) Original
b) Duplicate
c) Personal
d) Nominal
4. Fixed assets and current assets are categorized as per concept of:
a) Separate entity
b) Going concern
c) Consistency
d) Time period
5. The allocation of owner's private expenses to his/her business violates which of the following?
a) Accrual concept
b) Matching concept
c) Separate business entity concept
d) Consistency concept
6. Profit from sale of assets is example for
a) Revenue Profit
b) Capital Profit
c) Loss
d) None of these
7. Book keeping is mainly concerned with
a) Recording of financial data relating to business operation
b) Designing the systems in recording classifying,summarizing the recorded data
c) Interpreting the data for internal and external users
d) None of these
8. The convention of conservatism when applied to the balance sheet result in.
a) Understand the asset
b) Understand the liabilities
c) Overstatement of capital
d) None of these
9. The amount brought in by the proprietor in the business should be credited to
a) Cash a/c
b) Capital a/c
c) Drawing a/c
d) Bank a/c
10. The return of goods by the customer should be debited to
a) Customer a/c
b) Sales return a/c
c) Goods a/c
d) Purchase return a/c