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6:  
Consider the following Accounting Concepts
1. Business Entity Concept
2. Going Concern Concept
3. Dual Aspect Concept
4. Money Measurement Concept
Which of the above accounting concepts are generally called fundamental accounting concepts?
A.

1,2 and 4
B.

1,2 and 3
C.

2 and 3
D.

2 and 4
 
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Option: A

Explanation :

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7:  
The information provided by the financial accounting system is
A.

Significant
B.
Sufficient for smooth, orderly and efficient conduct of business
C.
Not sufficient for smooth, orderly and efficient conduct of business
D.

Both (A) and (B).
 
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Option: D

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8:  
Match List-I with List-II and select the correct answer using the codes given below the lists:
      List-I                                    List-II
     (Term)                             (Qts application)
a. Depreciation                   I. Wasting assets
b. Depletion                        II. Intangible assets
c. Amortisation                  III. Fixed assets
d. Dilapidation                  IV . Damage due to a building or other property during tenancy
A.

 a  b   c   d

III   II   I    IV
B.

 a  b   c   d

III   I   II    IV
C.

 a  b   c   d

III   IV  II    I
D.

 a  b   c   d

III   IV   I   II
 
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Option: B

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9:  
Which accounting standard deals with intagible assets?
A.

AS-15
B.

AS-18
C.

AS-22
D.

AS-26
 
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Option: D

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10:  
Under the head 'current assets', the following items are disclosed
1. Interest accrued on investments
2. Loose tools
3. Work-in-progress
4. Sundry debtors
5. Stock in trade
6. Stores and spare parts
The correct chronological order of their disclosure is
A.

1,2,6,3,5,4
B.

5,3,1,6,4,2
C.

2,6,1,5,3,4
D.

1,6,2,5,3,4
 
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Option: D

Explanation :

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  • These objective type questions answers can be used to gain a credit score in various undergraduate and post graduate commerce courses like B com and Mcom
  • These questions answers can be used in the preparation of ugc net exams.
  • These questions can be downloaded as Financial and management  accounting online study material pdf.
  • This section can be used for the preparation of quizzes by any commerce student.
  • This section can also be used by commerce students for improving their knowledge in Financial and management accounting
  • These mcq can also be used by any student of XI or XII standard who has opted to study commerce to increase his knowledge.

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