Basic Accounting Principles and Concepts — Practice Quiz
ICSE · Class 9 · Commercial Studies
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Quick Quiz: Basic Accounting Principles and Concepts
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What do accounting principles refer to?
Why are accounting principles needed?
Which concept treats a business firm as separate and distinct from its owners?
Under the Business Entity Concept, how is capital provided by the owner treated?
Sample Questions
Which of the following business forms are covered by the Business Entity Concept?
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Sole proprietorship, Partnership, Company
The Business Entity Concept applies to sole proprietorship, partnership and company.
The Going Concern Concept assumes that business will continue to exist for a long time in the future.
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True
The Going Concern Concept is based on the assumption that the business will continue for a long time or indefinitely.
Under the Going Concern Concept, fixed assets are recorded at
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Original cost less depreciation
Fixed assets are recorded at original cost less depreciation, not at market value, under the Going Concern Concept.
Which transactions are recorded under the Money Measurement Concept?
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Only transactions expressible in money terms
Money Measurement Concept records only those transactions that can be expressed or measured in money terms.
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