NIOS Class 12 Accountancy — Practice Quiz

What does the term 'Drawings' mean in accounting?

The formula for calculating Income in accounting is:

Which of the following is a LIMITATION of accounting?

A business pays rent of ₹1,20,000 for 15 months from October 2013 to December 2014 in a single payment in October 2013. The accounting year ends on 31st March 2014. Applying the Matching Concept and Accrual Concept correctly, what amount of rent expense should be shown in the Profit & Loss Account f

According to the Dual Aspect Concept, if a business purchases furniture worth ₹50,000 on credit from M/s Royal Furnishers, which of the following correctly identifies BOTH aspects of this transaction and also maintains the accounting equation?

A company is facing severe financial difficulty and may be forced to close down within 6 months. The auditor insists that the financial statements should be prepared on a 'break-up basis' rather than the normal accounting basis. Which accounting concept does the auditor want to deviate from, and wha

Which Accounting Standard issued by ICAI specifically deals with the recognition of revenue in the Profit and Loss Statement of an enterprise?

The principle behind the Convention of Conservatism can best be described as:

AS-17 on Segment Reporting applies to companies with an annual turnover of: