accounting questions with answers
2,134 multiple-choice questions. Open any question for its answer and explanation.
- Revenue earned but not yet received by the business is known as
- Which of the following is not regarded as the fundamental concept that is identified by IAS-1?
- Using 'lower of cost and net realisable value' for the purpose of inventory valuation is the implementation of which of the following concepts?
- The concept of 'separate entity' is applicable to which of the following types of businesses?
- Does prudence concept allow a business to build substantially higher reserves or provisions than that are actually required?
- The revenue recognition principle dictates that all types of incomes should be recorded or recognized when
- The matching concept matches which of the following?
- The allocation of owner's private expenses to his/her business violates which of the following?
- The going concern concept assumes that
- American companies prepare their financial statement in Dollars whereas Japanese companies produce financial statement in Yen. This is an example of
- Which of the following is time spann into which the total life of a business is divided for the purpose of preparing financial statements?
- Information about an item is _______ if its ommission or misstatement might influence the financial decision of the users taken on the basis of that information
- Exercising a degree of caution in the case of judgements needed under the condition of uncertainity is the assumption of which of the following accounting concepts?
- Which one of the following concepts states that the publication or presentation of financial statements should not be delayed?
- Land on lease should be shown in Blance sheet contrary to the fact that the company does not own that piece of land is the implementation of which accounting concept?
- Depreciation is charged on fixed assets to comply with which of the following accounting principle?
- Net profit is computed in which of the following?
- In income statement, gross profit is always equal to
- Office equipment is a ______ asset for a computer manufacturer and the same office equipment is a ____ asset for a company that deals in these equipments
- Financial statements mainly help in
- Purchases + opening stock - closing stock = ?
- Which of the following financial statements shows the financial position of a business at a specific date?
- Which of the following financial reports shows the profitability of a business?
- Assets minus liabilities equal to
- Which of the following financial statements shows the movement of cash and cash equivalents during an accounting period?
