Accounting Concepts and Conventions — Important Questions
NIOS · Class 10 · Accountancy
77 important questions from Accounting Concepts and Conventions for NIOS Class 10 Accountancy, with answers. Written for the board exams 2027.
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Important Questions from Accounting Concepts and Conventions
Which of the following cannot be recorded in books of accounts because it cannot be measured in money?
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Sincerity of employees
Qualitative factors like sincerity, loyalty and honesty cannot be measured in money, so they are not recorded.
What does the Going Concern Concept assume about a business firm?
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It will continue its activities for an indefinite period
The Going Concern Concept assumes the business will continue for an indefinite period.
Why is the Going Concern Concept important for depreciation on fixed assets?
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It provides the basis for charging depreciation
Depreciation is charged because the asset is expected to be used over many years under the going concern assumption.
What does the Dual Aspect Concept state about every transaction?
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It has a dual effect on two accounts
Every transaction affects two accounts on opposite sides under the Dual Aspect Concept.
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