Classical

Financial and Management Accounting - Financial and Management Accounting MCQ

91:  
The fundamental accounting equation' Assets = Liabilities + Capital' is the formal expression of
A.

Dual aspect concept

B.

Matching concept

C.

Going concern concept

D.

Money measurement concept

 
 

Option: A

Explanation :


92:  

Stock is valued in the books of accounts at

A.

Cost price

B.

Market price

C.
Cost price of market price whichever is less
D.
Depends whether LIFO method is used or FIFO method is used
 
 

Option: D

Explanation :


93:  
Which of the following statements is true in relation to liabilities?
A.

Claims against the resources.

B.
Currently existing obligations which the firm intends to meet at some time in the future.
C.
It must be capable of being expressed in money terms.
D.

All of the above

 
 

Option: D

Explanation :


94:  
All capital expenditures and receipts are taken to
A.

Trading and Profit and Loss Account

B.

Balance sheet

C.

Trial balance

D.

None of the above

 
 

Option: B

Explanation :


95:  
Which one of the following branches of accounting primarily deals with processing and presenting of accounting data for internal use?
A.

Financial accounting

B.

Tax accounting

C.

Management accounting

D.

Inflation accounting

 
 

Option: C

Explanation :




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