Account M.C.Q (1 Marks)

M.s. Future Ltd. has invested ₹ 10,000 in the shares of Relicam Industries Ltd. Current market value of these shares is ₹ 10,500. Accountant of Future Ltd. wants to show ₹ 10,500 as value of investment in the books of accounts, which accounting convention restricts him from doing so?

Providing depreciation on fixed asset is in accordance with which of the following principles concepts:

1. Going concern.
2. Matching Concept.
3. Materiality.

According to the Cost Concept:

Due to which of the following, contingent liabilities are shown in the Balance Sheet:

Concept of Consistency means:

Accrual concept is based on:

As per Income Tax Act, accounting period is:

According to Convention of Conservatism:

According to Convention of Conservatism closing stock is valued at:

Which of these is not a fundamental accounting assumption?

According to which Concept the same accounting methods should be used each year:

According to which Concept even the proprietor of the business is treated as a creditor of the business:

Due to which Concept qualitative transactions are not recorded in the books:

As per Dual Aspect Concept:

The owner of the firm records his medical expenses in the firms' income statement. Indicate the principle that is violated:

Income is measured on the basis of:

The cost of a small calculator is accounted as an expense and not shown as an asset in a financial statements of a business entity due to ........... .

Omission of paise and showing the round figures in financial statements is based on ........ .

Convention of conservatism takes into account: