Accounting Concepts and Conventions — Practice Quiz
NIOS · Class 10 · Accountancy
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Quick Quiz: Accounting Concepts and Conventions
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What does the Business Entity Concept assume about a business and its owner for accounting purposes?
Under the Business Entity Concept, how is the owner's investment in the business recorded?
What are withdrawals of cash or goods by the owner for personal use called?
In India, under the Money Measurement Concept, transactions are recorded in terms of which currency unit?
Sample Questions
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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