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1. Which accounting concept satisfies the valuation criteria.
Going concern, Realisation, Cost
Going concern, Cost, Dual aspect
Cost, Dual aspect, Conservatism
Realization, Conservatism, Going concerned.
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2. A trader has made a sale of Rs.75,500 out of which cash sales amounted to Rs.25,500. He showed trade receivables on 31-3-2014 at Rs.25,500. Which concept is followed by him?
Going concerned
Cost
Accrual
Money measurement
3. In which of the following cases, accounting estimates are needed?
Employs benefit schemes
Impairment of losses
Inventory obsolescence
All of the above
4. Deewali advance given to an employee is
Revenue Expenditure
Capital Expenditure
Deferred Revenue Expenditure
Not an Expenditure
5. A firm has reported a profit of Rs.1,47,000 for the year ended 31-3-2014 after taking into consideration the following items.(i)The cost of an asset Rs.23,000 has been taken as an expense(ii) The firm anticipated a profit of Rs.12,000 on the sale of old furniture(iii) Salary of Rs.7,000 outstanding for the year has not been taken into account.(iv) An asset of Rs.85,000 was purchased for Rs.75,000 and was recorded in the books at Rs.85,000.What is the correct amount of profit to be reported in the books?
Rs.1,47,000
Rs. 1,51,000
Rs.1,63,000
Rs.1,41,000
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