1. Which one of the following is not an example of Intangible Assets?
a) Patents
b) Trade Marks
c) Copyright
d) Land
2. Creating provision against fluctuation in the price of investment is application of accounting concept
a) Convention of conservatism
b) Convention of full disclosure
c) Convention of consistency
d) None of these
3. Debit what come in Credit what goes out rule for
a) Real a/c
b) Personal a/c
c) Nominal a/c
d) None of these
4. The following comments each relate to the recording of journal entries. Which statement is true?
a) For any given journal entry, debits must exceed credits.
b) It is customary to record credits on the left and debits on the right.
c) The chart of accounts reveals the amount to debit and credit to the affected accounts.
d) Journalization is the process of converting transactions and events into debit/credit format.
5. Going concern concept assumes
a) Business as a dissolving concern
b) Business on relishing values
c) Business as a going concern
d) Asset = liability
6. Management Accounting relates to
a) Recording of accounting data
b) Recording of cost data
c) Presentation of account data
d) None of the above
7. Which items does not come under the balance sheet
a) sales
b) Share capital
c) Reserves and surplus
d) Unsecured loan
8. Which of the following is not related with Money Measurement Concept ?
a) All business transaction should be expressed only in money
b) The transactions which cannot be expressed in money, will not be recorded in accounting books
c) Business is treated as separate from the proprietor
d) None of These
9. Depreciation is a charge against
a) Profit
b) Assets
c) Company
d) Books of A/c
10. Fixed assets and current assets are categorized as per concept of:
a) Separate entity
b) Going concern
c) Consistency
d) Time period