Chapter theory-base-of-accounting: Theory Base of Accounting MCQs | accountancy Class 11 CBSE

ByteNotes

Chapter theory-base-of-accounting: Theory Base of Accounting MCQs | accountancy Class 11 CBSE | ByteNotes.in

MCQ

Easy difficulty • Choose the correct option

Easy

Question 1

Objective

Generally Accepted Accounting Principles (GAAP) refers to:

Choices

ByteNotes

MCQ

Easy difficulty • Choose the correct option

Easy

Question 2

Objective

The term 'principle' as defined by AICPA refers to:

Choices

ByteNotes

MCQ

Easy difficulty • Choose the correct option

Easy

Question 3

Objective

Which concept assumes that the business and its owner are two separate entities?

Choices

ByteNotes

MCQ

Medium difficulty • Choose the correct option

Medium

Question 4

Objective

When an owner withdraws money from the business for personal use, it is treated as:

Choices

ByteNotes

MCQ

Easy difficulty • Choose the correct option

Easy

Question 5

Objective

Which of the following CANNOT be recorded in the books of accounts under the Money Measurement Concept?

Choices

ByteNotes

MCQ

Medium difficulty • Choose the correct option

Medium

Question 6

Objective

A limitation of the Money Measurement Concept is that:

Choices

ByteNotes

MCQ

Medium difficulty • Choose the correct option

Medium

Question 7

Objective

The Going Concern Concept is important for accounting because it:

Choices

ByteNotes

MCQ

Medium difficulty • Choose the correct option

Medium

Question 8

Objective

Which concept provides the basis for charging depreciation on a fixed asset over its useful life instead of in one year?

Choices

ByteNotes

MCQ

Easy difficulty • Choose the correct option

Easy

Question 9

Objective

As per the Companies Act 2013, income statements must be prepared:

Choices

ByteNotes

MCQ

Medium difficulty • Choose the correct option

Medium

Question 10

Objective

Listed companies are required to publish quarterly results under:

Choices

ByteNotes

MCQ

Easy difficulty • Choose the correct option

Easy

Question 11

Objective

The Cost Concept requires assets to be recorded at:

Choices

ByteNotes

MCQ

Medium difficulty • Choose the correct option

Medium

Question 12

Objective

A machine was purchased for ₹80 lakh. Transportation cost was ₹5 lakh and installation cost was ₹3 lakh. The amount at which the machine will be recorded is:

Choices

ByteNotes

MCQ

Easy difficulty • Choose the correct option

Easy

Question 13

Objective

The fundamental accounting equation is:

Choices

ByteNotes

MCQ

Easy difficulty • Choose the correct option

Easy

Question 14

Objective

The Dual Aspect Concept forms the core of which system of accounting?

Choices

ByteNotes

MCQ

Medium difficulty • Choose the correct option

Medium

Question 15

Objective

Revenue is recognised under the Revenue Recognition Concept when:

Choices

ByteNotes

MCQ

Medium difficulty • Choose the correct option

Medium

Question 16

Objective

Rent received in advance for the next accounting year should be treated as:

Choices

ByteNotes

MCQ

Easy difficulty • Choose the correct option

Easy

Question 17

Objective

The Matching Concept states that:

Choices

ByteNotes

MCQ

Medium difficulty • Choose the correct option

Medium

Question 18

Objective

Under the Matching Concept, the cost of unsold goods at year-end is:

Choices

ByteNotes

MCQ

Easy difficulty • Choose the correct option

Easy

Question 19

Objective

The Full Disclosure Concept requires that:

Choices

ByteNotes

MCQ

Medium difficulty • Choose the correct option

Medium

Question 20

Objective

The Consistency Concept permits change in accounting policies:

Choices

ByteNotes

Premium Access

Unlock all MCQs

You are viewing 20 free MCQs from this chapter. Upgrade to Premium to unlock the remaining 20 questions.

Upgrade to Premium20 questions locked

Chapter sections

Chapter theory-base-of-accounting: Theory Base of Accounting | MCQs

Generally Accepted Accounting Principles (GAAP) refers to:

The term 'principle' as defined by AICPA refers to:

Which concept assumes that the business and its owner are two separate entities?

When an owner withdraws money from the business for personal use, it is treated as:

Which of the following CANNOT be recorded in the books of accounts under the Money Measurement Concept?

A limitation of the Money Measurement Concept is that:

The Going Concern Concept is important for accounting because it:

Which concept provides the basis for charging depreciation on a fixed asset over its useful life instead of in one year?

As per the Companies Act 2013, income statements must be prepared:

Listed companies are required to publish quarterly results under:

The Cost Concept requires assets to be recorded at:

A machine was purchased for ₹80 lakh. Transportation cost was ₹5 lakh and installation cost was ₹3 lakh. The amount at which the machine will be recorded is:

The fundamental accounting equation is:

The Dual Aspect Concept forms the core of which system of accounting?

Revenue is recognised under the Revenue Recognition Concept when:

Rent received in advance for the next accounting year should be treated as:

The Matching Concept states that:

Under the Matching Concept, the cost of unsold goods at year-end is:

The Full Disclosure Concept requires that:

The Consistency Concept permits change in accounting policies:

Unlock all MCQs

Practice in Quiz Mode