Chapter 2: Conceptual Framework of Accounting March 18, 2024 Maven Leave a Comment Welcome to the Chapter 2: Conceptual Framework of Accounting Quiz! This quiz is based on the book back questions. Name Email 1. The business is liable to the proprietor of a business in respect of capital introduced by the person according to: Money management concept Cost concept Business entity concept Dual aspect concept None 2. GAAPs are: Generally Accepted Accounting Policies Generally Accepted Accounting Principles Generally Accepted Accounting Provisions None of these None 3. In India, Accounting Standards are issued by: Reserve Bank of India The Cost and Management Accountants of India Supreme Court of India The Institute of Chartered Accountants of India None 4. The rule of stock valuation “cost price or realisable value” whichever is lower is based on the accounting principle of: Materiality Money measurement Conservatism Accrual None 5. The concept which assumes that a business will last indefinitely is: Business entity Going concern Periodicity Conservatism None Time's up Related Posts:Chapter 1: Introduction to AccountingChapter 10: Depreciation AccountingChapter 14: Computerised AccountingChapter 10: Computerised Accounting system - Tally
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