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This section includes InterviewSolutions, each offering curated multiple-choice questions to sharpen your Class 11 knowledge and support exam preparation. Choose a topic below to get started.
| 2251. |
Accrual basis is a more appropriate basis of determining profit as expenses are matched against revenue earned in relation thereto. |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> : <a href="https://interviewquestions.tuteehub.com/tag/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a></body></html> | |
| 2252. |
AccrualBasis of Accounting |
| Answer» <html><body><p>does not give a <a href="https://interviewquestions.tuteehub.com/tag/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a> and <a href="https://interviewquestions.tuteehub.com/tag/fair-459033" style="font-weight:bold;" target="_blank" title="Click to know more about FAIR">FAIR</a> <a href="https://interviewquestions.tuteehub.com/tag/view-1446292" style="font-weight:bold;" target="_blank" title="Click to know more about VIEW">VIEW</a> of <a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a> and <a href="https://interviewquestions.tuteehub.com/tag/financial-988642" style="font-weight:bold;" target="_blank" title="Click to know more about FINANCIAL">FINANCIAL</a> position.<br/>gives a true and fair view ofprofit and financial position.<br/>may of may not give a true and fair view of profit and financial position.<br/>None of the above.</p>Solution :gives a true and fair view ofprofit and financial position.</body></html> | |
| 2253. |
Accounts from incomplete records is an unscientific method of accounting as it does not follow Dual Aspect Concept. |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> : <a href="https://interviewquestions.tuteehub.com/tag/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a></body></html> | |
| 2254. |
Accrual basis of acccounting is more reliable than ________ of accounting. |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/answer-15557" style="font-weight:bold;" target="_blank" title="Click to know more about ANSWER">ANSWER</a> :<a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> <a href="https://interviewquestions.tuteehub.com/tag/basis-893664" style="font-weight:bold;" target="_blank" title="Click to know more about BASIS">BASIS</a></body></html> | |
| 2255. |
Accounting Standards have been evolved to improve thr relability and credibility of Financial Statements . Accounting Standards provide the solution in case of conflicts among various groups' In the light of this statement, enumerate the objectives of Accounting Standards. |
| Answer» <html><body><p></p>Solution :Objectives of Accounting <a href="https://interviewquestions.tuteehub.com/tag/standards-1224505" style="font-weight:bold;" target="_blank" title="Click to know more about STANDARDS">STANDARDS</a> are:<br/>(i) Minimise the diverse accounting policies and practices with the aim to <a href="https://interviewquestions.tuteehub.com/tag/eliminate-450326" style="font-weight:bold;" target="_blank" title="Click to know more about ELIMINATE">ELIMINATE</a> them to the extent <a href="https://interviewquestions.tuteehub.com/tag/possible-592355" style="font-weight:bold;" target="_blank" title="Click to know more about POSSIBLE">POSSIBLE</a>.<br/>(ii) Promote better understanding of financial statements.<br/>(iii) Understand <a href="https://interviewquestions.tuteehub.com/tag/significant-1207363" style="font-weight:bold;" target="_blank" title="Click to know more about SIGNIFICANT">SIGNIFICANT</a> Accounting Policies <a href="https://interviewquestions.tuteehub.com/tag/adopted-7291144" style="font-weight:bold;" target="_blank" title="Click to know more about ADOPTED">ADOPTED</a> and applied.<br/>(iv) Facilitating meaningful comparison of financial statements of two or more entities.<br/>(v) Enhancing reliabilityof financial statements.</body></html> | |
| 2256. |
Accounting voucher is prepared from source voucher. |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> : <a href="https://interviewquestions.tuteehub.com/tag/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a></body></html> | |
| 2257. |
Accounting Voucher is prepared for cash and Credit purchases. |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> : <a href="https://interviewquestions.tuteehub.com/tag/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a></body></html> | |
| 2258. |
Accounting voucher is prepared from |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/source-1219297" style="font-weight:bold;" target="_blank" title="Click to know more about SOURCE">SOURCE</a> <a href="https://interviewquestions.tuteehub.com/tag/voucher-1448322" style="font-weight:bold;" target="_blank" title="Click to know more about VOUCHER">VOUCHER</a>.<br/>Journal entry.<br/>Both (a) and (<a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a>).<br/><a href="https://interviewquestions.tuteehub.com/tag/none-580659" style="font-weight:bold;" target="_blank" title="Click to know more about NONE">NONE</a> of these.</p>Solution :source voucher.</body></html> | |
| 2259. |
Accounting Standards are not mandatory in nature. |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> : <a href="https://interviewquestions.tuteehub.com/tag/false-459184" style="font-weight:bold;" target="_blank" title="Click to know more about FALSE">FALSE</a></body></html> | |
| 2260. |
Accounting softwares requires |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/readymade-2976843" style="font-weight:bold;" target="_blank" title="Click to know more about READYMADE">READYMADE</a> or off-the-shelf software<br/>Tailor-made software<br/>Customised software<br/>All of these </p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :All of these</body></html> | |
| 2261. |
Accounting software is used to perform the __________ function. |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/accounting-637" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTING">ACCOUNTING</a></body></html> | |
| 2262. |
Accounting records transactions and events that can be measured in money terms. It this, in your opinion,a limitation of accounting or an advantage? Give reasons. |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/yes-749457" style="font-weight:bold;" target="_blank" title="Click to know more about YES">YES</a>. Accounting records only financial transaction and events. It is an advantage as transactions of <a href="https://interviewquestions.tuteehub.com/tag/diverse-432080" style="font-weight:bold;" target="_blank" title="Click to know more about DIVERSE">DIVERSE</a> nature are <a href="https://interviewquestions.tuteehub.com/tag/recorded-2240050" style="font-weight:bold;" target="_blank" title="Click to know more about RECORDED">RECORDED</a> using a <a href="https://interviewquestions.tuteehub.com/tag/common-923599" style="font-weight:bold;" target="_blank" title="Click to know more about COMMON">COMMON</a> <a href="https://interviewquestions.tuteehub.com/tag/yardstick-7724352" style="font-weight:bold;" target="_blank" title="Click to know more about YARDSTICK">YARDSTICK</a>, i.e., money. But there are other important transactions and events which many have far-reaching effect on business. They are not recorded because they cannot be measured in money terms. For example, production loss due to labour strike. Thus, it is a limitation to that extent.</body></html> | |
| 2263. |
Accounting records can be produced as _______ in the court of law. |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/evidence-977636" style="font-weight:bold;" target="_blank" title="Click to know more about EVIDENCE">EVIDENCE</a></body></html> | |
| 2264. |
Accounting Software requires. |
| Answer» <html><body><p>transaction to be entered once.<br/>transactions to be entered at each <a href="https://interviewquestions.tuteehub.com/tag/stage-1223778" style="font-weight:bold;" target="_blank" title="Click to know more about STAGE">STAGE</a> , i.e, recording and posting into <a href="https://interviewquestions.tuteehub.com/tag/accounts-14064" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTS">ACCOUNTS</a>. <br/>Both (a) and (<a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a>)<br/><a href="https://interviewquestions.tuteehub.com/tag/none-580659" style="font-weight:bold;" target="_blank" title="Click to know more about NONE">NONE</a> of these</p>Solution :transaction to be entered once.</body></html> | |
| 2265. |
Accounting records business transactions and events which are of financial nature. Do you consider it a limitation of accounting ? |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :Yes, It is limitaion of accounting because there are <a href="https://interviewquestions.tuteehub.com/tag/events-11766" style="font-weight:bold;" target="_blank" title="Click to know more about EVENTS">EVENTS</a> which have a vital bearing on the <a href="https://interviewquestions.tuteehub.com/tag/profitability-1168698" style="font-weight:bold;" target="_blank" title="Click to know more about PROFITABILITY">PROFITABILITY</a> of the <a href="https://interviewquestions.tuteehub.com/tag/firm-989667" style="font-weight:bold;" target="_blank" title="Click to know more about FIRM">FIRM</a> and such events are <a href="https://interviewquestions.tuteehub.com/tag/ignored-2124854" style="font-weight:bold;" target="_blank" title="Click to know more about IGNORED">IGNORED</a>.</body></html> | |
| 2266. |
Accounting principles are rules of action or conduct which are adopted by the accountants universally while recording accounting transactions. |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> : <a href="https://interviewquestions.tuteehub.com/tag/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a></body></html> | |
| 2267. |
Accounting measures the business transactions in term of _______ units. |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/monetary-1100648" style="font-weight:bold;" target="_blank" title="Click to know more about MONETARY">MONETARY</a></body></html> | |
| 2268. |
Accounting is the language of business. |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/yes-749457" style="font-weight:bold;" target="_blank" title="Click to know more about YES">YES</a></body></html> | |
| 2269. |
Accounting is |
| Answer» <html><body><p>A process <a href="https://interviewquestions.tuteehub.com/tag/concernedstrong-2536362" style="font-weight:bold;" target="_blank" title="Click to know more about CONCERNED">CONCERNED</a> with summarising of the recorded <a href="https://interviewquestions.tuteehub.com/tag/transactions-18175" style="font-weight:bold;" target="_blank" title="Click to know more about TRANSACTIONS">TRANSACTIONS</a>.<br/>Not the language of business<br/>An art of recording, classifying and summarising financial transactions in a <a href="https://interviewquestions.tuteehub.com/tag/significant-1207363" style="font-weight:bold;" target="_blank" title="Click to know more about SIGNIFICANT">SIGNIFICANT</a> <a href="https://interviewquestions.tuteehub.com/tag/manner-1086162" style="font-weight:bold;" target="_blank" title="Click to know more about MANNER">MANNER</a>. <br/>All of the above.</p>Answer :A::C</body></html> | |
| 2270. |
Accounting Information System processes the data and transforms it into __________ |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/information-1043838" style="font-weight:bold;" target="_blank" title="Click to know more about INFORMATION">INFORMATION</a></body></html> | |
| 2271. |
Accounting information should be verifable and free from personal Bias'. Name the qualitative characteristics of accounting information denoted by this statement. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/reliability-1183890" style="font-weight:bold;" target="_blank" title="Click to know more about RELIABILITY">RELIABILITY</a></body></html> | |
| 2272. |
"Accounting information should be comparable." Do you agree with this statement? Give two reasons. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :Yes, accounting <a href="https://interviewquestions.tuteehub.com/tag/information-1043838" style="font-weight:bold;" target="_blank" title="Click to know more about INFORMATION">INFORMATION</a> should be comparable, because <br/> (i) Comparablility is <a href="https://interviewquestions.tuteehub.com/tag/needed-1112853" style="font-weight:bold;" target="_blank" title="Click to know more about NEEDED">NEEDED</a> to make inter-firm comparisons, i.e. to find out how a form has performed as compared to the other firms, and <br/> (ii) Comparability is needed to make inter-period <a href="https://interviewquestions.tuteehub.com/tag/comparison-11472" style="font-weight:bold;" target="_blank" title="Click to know more about COMPARISON">COMPARISON</a>, i.e. to find out how is has performed as compared to the <a href="https://interviewquestions.tuteehub.com/tag/previous-592857" style="font-weight:bold;" target="_blank" title="Click to know more about PREVIOUS">PREVIOUS</a> years.</body></html> | |
| 2273. |
'AccountingEaquation(A= L+C) always holds good under all eircumstances." Explain with the help of two examples. |
| Answer» | |
| 2274. |
Accounting does not show the realisable value of business. It is a/an |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/limitation-1074036" style="font-weight:bold;" target="_blank" title="Click to know more about LIMITATION">LIMITATION</a> of <a href="https://interviewquestions.tuteehub.com/tag/accounting-637" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTING">ACCOUNTING</a>.<br/>advantage of Accounting.<br/>Both (a) and (<a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a>).<br/><a href="https://interviewquestions.tuteehub.com/tag/none-580659" style="font-weight:bold;" target="_blank" title="Click to know more about NONE">NONE</a> of these.</p>Solution :limitation of Accounting.</body></html> | |
| 2275. |
Accounting deals with quantifiable information. |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :Yes, <a href="https://interviewquestions.tuteehub.com/tag/accounting-637" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTING">ACCOUNTING</a> deals with quantifiable <a href="https://interviewquestions.tuteehub.com/tag/information-1043838" style="font-weight:bold;" target="_blank" title="Click to know more about INFORMATION">INFORMATION</a>.</body></html> | |
| 2276. |
Accounting books maintained under single Entry system are not as reliable as under Double Entry system .Do you agree? |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/yes-749457" style="font-weight:bold;" target="_blank" title="Click to know more about YES">YES</a></body></html> | |
| 2277. |
Accounting aims to communicate financial information to investors only. |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/false-459184" style="font-weight:bold;" target="_blank" title="Click to know more about FALSE">FALSE</a></body></html> | |
| 2278. |
Accounting |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/includes-1039937" style="font-weight:bold;" target="_blank" title="Click to know more about INCLUDES">INCLUDES</a> <a href="https://interviewquestions.tuteehub.com/tag/book-900767" style="font-weight:bold;" target="_blank" title="Click to know more about BOOK">BOOK</a> not <a href="https://interviewquestions.tuteehub.com/tag/include-11332" style="font-weight:bold;" target="_blank" title="Click to know more about INCLUDE">INCLUDE</a> Book <a href="https://interviewquestions.tuteehub.com/tag/keeping-1063392" style="font-weight:bold;" target="_blank" title="Click to know more about KEEPING">KEEPING</a>.<br/>does not inclued Book Keeping.<br/><a href="https://interviewquestions.tuteehub.com/tag/may-557248" style="font-weight:bold;" target="_blank" title="Click to know more about MAY">MAY</a> or may not include Book Keeping.<br/>None of these.</p>Solution :includes Book not include Book Keeping.</body></html> | |
| 2279. |
According to which of the following concepts , in determining the net income from business ,all cost which are applicable to the revenue of theperiod should be charged against that revenue? |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/matching-11928" style="font-weight:bold;" target="_blank" title="Click to know more about MATCHING">MATCHING</a> <a href="https://interviewquestions.tuteehub.com/tag/concept-928138" style="font-weight:bold;" target="_blank" title="Click to know more about CONCEPT">CONCEPT</a><br/>Money <a href="https://interviewquestions.tuteehub.com/tag/measurement-19276" style="font-weight:bold;" target="_blank" title="Click to know more about MEASUREMENT">MEASUREMENT</a> Concept<br/>Cost Concept<br/>Dual <a href="https://interviewquestions.tuteehub.com/tag/aspect-885708" style="font-weight:bold;" target="_blank" title="Click to know more about ASPECT">ASPECT</a> Consept</p>Solution :Matching Concept</body></html> | |
| 2280. |
According to which of the following concepts, in determining the net income, all costs which are applicable to earn the revenue of the period should be charged against that revenue ? |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/matching-11928" style="font-weight:bold;" target="_blank" title="Click to know more about MATCHING">MATCHING</a> <a href="https://interviewquestions.tuteehub.com/tag/concept-928138" style="font-weight:bold;" target="_blank" title="Click to know more about CONCEPT">CONCEPT</a><br/>Money <a href="https://interviewquestions.tuteehub.com/tag/measurement-19276" style="font-weight:bold;" target="_blank" title="Click to know more about MEASUREMENT">MEASUREMENT</a> Concept<br/>Cost Concept<br/>Dual <a href="https://interviewquestions.tuteehub.com/tag/aspect-885708" style="font-weight:bold;" target="_blank" title="Click to know more about ASPECT">ASPECT</a> Concept</p>Solution :Matching Concept</body></html> | |
| 2281. |
Accouding to the Cost Concept |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/assets-885948" style="font-weight:bold;" target="_blank" title="Click to know more about ASSETS">ASSETS</a> are <a href="https://interviewquestions.tuteehub.com/tag/recorded-2240050" style="font-weight:bold;" target="_blank" title="Click to know more about RECORDED">RECORDED</a> at the value <a href="https://interviewquestions.tuteehub.com/tag/paid-1145567" style="font-weight:bold;" target="_blank" title="Click to know more about PAID">PAID</a> for acquiring them.<br/>assets are recorded by estimating the <a href="https://interviewquestions.tuteehub.com/tag/market-25464" style="font-weight:bold;" target="_blank" title="Click to know more about MARKET">MARKET</a> value at the time of purchase.<br/>assets are recorded at lower of cost or market value.<br/>None of the above.</p>Solution :assets are recorded at the value paid for acquiring them.</body></html> | |
| 2282. |
According to which of the followingaccounting concepts, even the proprietor of a business is treated as credotor to the extent of his capital? |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/money-25502" style="font-weight:bold;" target="_blank" title="Click to know more about MONEY">MONEY</a> Measurement Concept<br/>Dual <a href="https://interviewquestions.tuteehub.com/tag/aspect-885708" style="font-weight:bold;" target="_blank" title="Click to know more about ASPECT">ASPECT</a> Concept<br/>Cost Concept<br/>Business <a href="https://interviewquestions.tuteehub.com/tag/entity-972730" style="font-weight:bold;" target="_blank" title="Click to know more about ENTITY">ENTITY</a> Concept</p>Solution :Business Entity Concept</body></html> | |
| 2283. |
According to which Concept the same accounting methods should be used each year : |
| Answer» <html><body><p>Prudence<br/>Full <a href="https://interviewquestions.tuteehub.com/tag/disclosure-955394" style="font-weight:bold;" target="_blank" title="Click to know more about DISCLOSURE">DISCLOSURE</a> <br/><a href="https://interviewquestions.tuteehub.com/tag/materiality-1089371" style="font-weight:bold;" target="_blank" title="Click to know more about MATERIALITY">MATERIALITY</a> <br/><a href="https://interviewquestions.tuteehub.com/tag/consistency-930013" style="font-weight:bold;" target="_blank" title="Click to know more about CONSISTENCY">CONSISTENCY</a> </p><a href="https://interviewquestions.tuteehub.com/tag/answer-15557" style="font-weight:bold;" target="_blank" title="Click to know more about ANSWER">ANSWER</a> :D</body></html> | |
| 2284. |
According to which Concept even the proprietor of the business is treated as a creditor of the business : |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/going-1008806" style="font-weight:bold;" target="_blank" title="Click to know more about GOING">GOING</a> <a href="https://interviewquestions.tuteehub.com/tag/concern-25789" style="font-weight:bold;" target="_blank" title="Click to know more about CONCERN">CONCERN</a> <a href="https://interviewquestions.tuteehub.com/tag/concept-928138" style="font-weight:bold;" target="_blank" title="Click to know more about CONCEPT">CONCEPT</a> <br/>Cost Concept <br/>Business Entity Concept <br/>Accounting Period Concept </p>Answer :<a href="https://interviewquestions.tuteehub.com/tag/c-7168" style="font-weight:bold;" target="_blank" title="Click to know more about C">C</a></body></html> | |
| 2285. |
According to which concept, depreciation is to be charged as per one particular method year after year? |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/concept-928138" style="font-weight:bold;" target="_blank" title="Click to know more about CONCEPT">CONCEPT</a> of <a href="https://interviewquestions.tuteehub.com/tag/consistency-930013" style="font-weight:bold;" target="_blank" title="Click to know more about CONSISTENCY">CONSISTENCY</a>.</body></html> | |
| 2286. |
According to the Realisation Concept, revenue should be accounted only when it is received. |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> : <a href="https://interviewquestions.tuteehub.com/tag/false-459184" style="font-weight:bold;" target="_blank" title="Click to know more about FALSE">FALSE</a></body></html> | |
| 2287. |
According to the Money Measuremant Concept |
| Answer» <html><body><p>all <a href="https://interviewquestions.tuteehub.com/tag/transaction-16213" style="font-weight:bold;" target="_blank" title="Click to know more about TRANSACTION">TRANSACTION</a> and <a href="https://interviewquestions.tuteehub.com/tag/event-976579" style="font-weight:bold;" target="_blank" title="Click to know more about EVENT">EVENT</a> which can be estimated in money <a href="https://interviewquestions.tuteehub.com/tag/terms-1242559" style="font-weight:bold;" target="_blank" title="Click to know more about TERMS">TERMS</a> are recorded in the books of account.<br/>all transactions and <a href="https://interviewquestions.tuteehub.com/tag/events-11766" style="font-weight:bold;" target="_blank" title="Click to know more about EVENTS">EVENTS</a> which can be estimated in money terms are recorded in the books of account.<br/>all transactions and events which can bemeasured in money terms are recorded in the books of account.<br/>None of the above.</p>Solution :all transactions and events which can bemeasured in money terms are recorded in the books of account.</body></html> | |
| 2288. |
According to the Going Concept, assets are recorded at realisable value and are depreciated over their estimated useful life. |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> : <a href="https://interviewquestions.tuteehub.com/tag/false-459184" style="font-weight:bold;" target="_blank" title="Click to know more about FALSE">FALSE</a></body></html> | |
| 2289. |
According tothe Going Concept |
| Answer» <html><body><p>assets are <a href="https://interviewquestions.tuteehub.com/tag/recorded-2240050" style="font-weight:bold;" target="_blank" title="Click to know more about RECORDED">RECORDED</a> at <a href="https://interviewquestions.tuteehub.com/tag/cost-25707" style="font-weight:bold;" target="_blank" title="Click to know more about COST">COST</a> and are depreciated over their useful life.<br/>assets are valued at their market value at the year - end are recorded in the books of account .<br/>assets are valued at their market value , recorded in the books and <a href="https://interviewquestions.tuteehub.com/tag/depreciation-948712" style="font-weight:bold;" target="_blank" title="Click to know more about DEPRECIATION">DEPRECIATION</a> is charged on the market value.<br/>None of the above.</p>Solution :assets are recorded at cost and are depreciated over their useful life.</body></html> | |
| 2290. |
According to the Cost Concept, assets are recorded at the value paid for acquiring them . |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> : <a href="https://interviewquestions.tuteehub.com/tag/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a></body></html> | |
| 2291. |
According to the Cost Concept |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/assets-885948" style="font-weight:bold;" target="_blank" title="Click to know more about ASSETS">ASSETS</a> are recorded at lower of <a href="https://interviewquestions.tuteehub.com/tag/cost-25707" style="font-weight:bold;" target="_blank" title="Click to know more about COST">COST</a> and <a href="https://interviewquestions.tuteehub.com/tag/market-25464" style="font-weight:bold;" target="_blank" title="Click to know more about MARKET">MARKET</a> value. <br/>Assets are recorded by estimating the market value at the time of purchase. <br/>Assets are recorded at the value <a href="https://interviewquestions.tuteehub.com/tag/paid-1145567" style="font-weight:bold;" target="_blank" title="Click to know more about PAID">PAID</a> for acquiring it. <br/>Assets are not recorded </p>Answer :C</body></html> | |
| 2292. |
According to the Convention of Consistency, accounting policies and practices onceadopted should be consistently followed. |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> : <a href="https://interviewquestions.tuteehub.com/tag/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a></body></html> | |
| 2293. |
According to the Convention of Consistency |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/accounting-637" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTING">ACCOUNTING</a> <a href="https://interviewquestions.tuteehub.com/tag/policies-1157701" style="font-weight:bold;" target="_blank" title="Click to know more about POLICIES">POLICIES</a> and practices once adopted should be consistently followed.<br/>accounting policies and practices adopted may be changed as <a href="https://interviewquestions.tuteehub.com/tag/per-590802" style="font-weight:bold;" target="_blank" title="Click to know more about PER">PER</a> the management's decision.<br/>accounting policies and <a href="https://interviewquestions.tuteehub.com/tag/practies-2947249" style="font-weight:bold;" target="_blank" title="Click to know more about PRACTIES">PRACTIES</a> once adopted cannot be changed under any circumstances.<br/>None of the above.</p>Solution :accounting policies and practices once adopted should be consistently followed.</body></html> | |
| 2294. |
According to the ______ Concept, revenue is considered as being earned on the date on which it is earned. |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/realisation-1178917" style="font-weight:bold;" target="_blank" title="Click to know more about REALISATION">REALISATION</a></body></html> | |
| 2295. |
According to Going Concern Concept,a business is viewed as having |
| Answer» <html><body><p>a <a href="https://interviewquestions.tuteehub.com/tag/limited-1074043" style="font-weight:bold;" target="_blank" title="Click to know more about LIMITED">LIMITED</a> <a href="https://interviewquestions.tuteehub.com/tag/life-541672" style="font-weight:bold;" target="_blank" title="Click to know more about LIFE">LIFE</a><br/>a very <a href="https://interviewquestions.tuteehub.com/tag/long-537592" style="font-weight:bold;" target="_blank" title="Click to know more about LONG">LONG</a> life.<br/>an <a href="https://interviewquestions.tuteehub.com/tag/indefinite-1041014" style="font-weight:bold;" target="_blank" title="Click to know more about INDEFINITE">INDEFINITE</a> life.<br/>None of these</p>Solution :an indefinite life.</body></html> | |
| 2296. |
According to the Accrual Concept |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/transactions-18175" style="font-weight:bold;" target="_blank" title="Click to know more about TRANSACTIONS">TRANSACTIONS</a> and events are recorded in the <a href="https://interviewquestions.tuteehub.com/tag/books-900981" style="font-weight:bold;" target="_blank" title="Click to know more about BOOKS">BOOKS</a> at the time of their settlement in cash.<br/>transaction and events are recordedin the books at the time when they are entered into.<br/>transactions and events <a href="https://interviewquestions.tuteehub.com/tag/may-557248" style="font-weight:bold;" target="_blank" title="Click to know more about MAY">MAY</a> be recorded either at the time ofthe settlement or when they are entered into.<br/>None of the above.</p>Solution :transaction and events are recordedin the books at the time when they are entered into.</body></html> | |
| 2297. |
According to Principle of Consevatism, closing stock is vlaue at Historical cost or net realisable value ( market value ) whichever is higher. |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> : <a href="https://interviewquestions.tuteehub.com/tag/false-459184" style="font-weight:bold;" target="_blank" title="Click to know more about FALSE">FALSE</a></body></html> | |
| 2298. |
According to the Business Entity Concept |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/transactions-18175" style="font-weight:bold;" target="_blank" title="Click to know more about TRANSACTIONS">TRANSACTIONS</a> between the <a href="https://interviewquestions.tuteehub.com/tag/business-21797" style="font-weight:bold;" target="_blank" title="Click to know more about BUSINESS">BUSINESS</a> and its owners are not recorded.<br/>transaction between the businessand its owners are recorded <a href="https://interviewquestions.tuteehub.com/tag/considering-7660792" style="font-weight:bold;" target="_blank" title="Click to know more about CONSIDERING">CONSIDERING</a> them to be one single entity.<br/>transactions between the business and its owners are recorded from the business <a href="https://interviewquestions.tuteehub.com/tag/point-1157106" style="font-weight:bold;" target="_blank" title="Click to know more about POINT">POINT</a> of view.<br/>None of the above.</p>Solution :transactions between the business and its owners are recorded from the business point of view.</body></html> | |
| 2299. |
According to Going Concern Concept, a business is viewed as having |
| Answer» <html><body><p>a <a href="https://interviewquestions.tuteehub.com/tag/limited-1074043" style="font-weight:bold;" target="_blank" title="Click to know more about LIMITED">LIMITED</a> <a href="https://interviewquestions.tuteehub.com/tag/life-541672" style="font-weight:bold;" target="_blank" title="Click to know more about LIFE">LIFE</a><br/> a very <a href="https://interviewquestions.tuteehub.com/tag/long-537592" style="font-weight:bold;" target="_blank" title="Click to know more about LONG">LONG</a> life <br/>an <a href="https://interviewquestions.tuteehub.com/tag/infinite-515764" style="font-weight:bold;" target="_blank" title="Click to know more about INFINITE">INFINITE</a> life<br/>None of these. </p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :an infinite life</body></html> | |
| 2300. |
According to Convention of conservation: |
| Answer» <html><body><p>Provision is <a href="https://interviewquestions.tuteehub.com/tag/made-3718337" style="font-weight:bold;" target="_blank" title="Click to know more about MADE">MADE</a> for bad and doubtful <a href="https://interviewquestions.tuteehub.com/tag/debts-435567" style="font-weight:bold;" target="_blank" title="Click to know more about DEBTS">DEBTS</a> <br/>Depreciation is <a href="https://interviewquestions.tuteehub.com/tag/charged-7263949" style="font-weight:bold;" target="_blank" title="Click to know more about CHARGED">CHARGED</a> on <a href="https://interviewquestions.tuteehub.com/tag/assets-885948" style="font-weight:bold;" target="_blank" title="Click to know more about ASSETS">ASSETS</a> <br/><a href="https://interviewquestions.tuteehub.com/tag/recording-1180449" style="font-weight:bold;" target="_blank" title="Click to know more about RECORDING">RECORDING</a> is made of outstanding expenses <br/>All of the above </p>Answer :A</body></html> | |