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Theory Base of Accounting — Practice Quiz

CBSE · Class 11 · Accountancy

Try a 4-question quiz on Theory Base of Accounting for CBSE Class 11 Accountancy: tap an answer to check it and see why.

70 questions88 flashcards5 concepts

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Quick Quiz: Theory Base of Accounting

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1

Which accounting concept assumes that a business has a distinct and separate entity from its owners?

2

Under which basis of accounting are revenues and costs recognized in the period they occur, rather than when cash is received or paid?

3

Which accounting concept requires that accounting transactions should be recorded objectively and free from personal bias?

4

What does the Going Concern Concept assume about a business?

70 Questions·
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Sample Questions

1multiple choice

Which concept requires that expenses incurred in an accounting period should be matched with revenues during that same period?

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Matching Concept

The Matching Concept ensures that expenses are recognized in the same period as the revenues they help generate.

2multiple choice

What does the Money Measurement Concept state about recording transactions?

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Record only transactions that can be expressed in monetary terms

The Money Measurement Concept requires that only transactions which can be expressed in monetary terms are recorded in accounting books.

3multiple choice

Which accounting concept requires that profits should not be overstated and all potential losses should be provided for?

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Conservatism Concept

The Conservatism Concept (Prudence) ensures that potential losses are recognized while potential gains are not recorded until realized.

4multiple choice

What does the Dual Aspect Concept state about business transactions?

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Every transaction has a two-fold effect

The Dual Aspect Concept states that every transaction affects at least two accounts, maintaining the accounting equation Assets = Liabilities + Capital.

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Frequently Asked Questions

What are the important topics in Theory Base of Accounting for CBSE Class 11 Accountancy?
Key topics in Theory Base of Accounting include Need for Theory Base of Accounting, Generally Accepted Accounting Principles, Basic Accounting Concepts, Important Basic Accounting Concepts. Study these first, then practise questions on each for Class 11 exams.
How many practice questions are there for Theory Base of Accounting?
There are 70 questions on Theory Base of Accounting. Try the 4-question sample quiz on this page first; each answer shows an explanation when you tap it.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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