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1.

X Ltd . Follows the Written Down value Method of depreciating machinery year after year due toA. comparability.B. convenience.C. consistency.D. All of these.

Answer» Correct Answer - c
Discussion
2.

IFRS are based onA. historical cost.B. fair value.C. both historical cost and fair value.D. None of these.

Answer» Correct Answer - b
Discussion
3.

Assets (except Securities) may be valued under Ind-AS on.A. historical cost.B. fair value.C. both historical cost and fair value.D. None of these.

Answer» Correct Answer - a
Discussion
4.

IASB upon coming into existence has adoptedA. all IAS and SIC.B. some IAS and SIC.C. none of the IAS and SIC.D. None of these.

Answer» Correct Answer - a
Discussion
5.

According to which of the following accounting concepts, even the proprietor of a business is treated as credotor to the extent of his capital?A. Money Measurement ConceptB. Dual Aspect ConceptC. Cost ConceptD. Business Entity Concept

Answer» Correct Answer - d
Discussion
6.

Valuation of stock at lower of cost or net realisable value is an example ofA. Consistency ConventionB. Conservatism Convention.C. Realisation Concept.D. Matching Concept.

Answer» Correct Answer - b
Discussion
7.

According to the Going ConceptA. assets are recorded at cost and are depreciated over their useful life.B. assets are valued at their market value at the year - end are recorded in the books of account .C. assets are valued at their market value , recorded in the books and depreciation is charged on the market value.D. None of the above.

Answer» Correct Answer - a
Discussion
8.

During the life- time of an entity ,accounting produces finamcial statements in accordance with which of the following accounting concept?A. MatchingB. ConservatismC. Accounting periodD. Cost

Answer» Correct Answer - c
Discussion
9.

According to the Accrual ConceptA. transactions and events are recorded in the books at the time of their settlement in cash.B. transaction and events are recorded in the books at the time when they are entered into.C. transactions and events may be recorded either at the time of the settlement or when they are entered into.D. None of the above.

Answer» Correct Answer - b
Discussion
10.

According to Going Concern Concept,a business is viewed as havingA. a limited lifeB. a very long life.C. an indefinite life.D. None of these

Answer» Correct Answer - c
Discussion