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Accounting Concepts – Some Examples Quiz

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Accounting concepts overview

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India

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Accounting Concepts – Some Examples Quiz
 

Accounting Concepts – Some Examples QuizOnline version

Accounting concepts overview

by Kavya
1

Anticipate no profit and provide for all possible losses

2

Capital is treated as liability of the business

3

Method of charging depreciation should not be changed year after year

4

Policy of playing safe

5

Increase / Decrease in the market value of an asset is not accounted

6

There must be a source document for every transaction

7

Rent outstanding is added to Rent A/c

8

Stock of stationary items are not treated as asset, but it is an expense

9

Businessman and the firm are separate entities

10

For every debit there is a corresponding credit

11

Transactions which are measurable in terms of money only be recorded

12

Business will last for a long period

13

Stock is valued at cost price or market price (net realizable value) whichever is lower

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