Chapter 2: Conceptual Framework of AccountingMarch 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. GAAPs are: Generally Accepted Accounting Policies Generally Accepted Accounting Principles Generally Accepted Accounting Provisions None of these None 2. 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 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 concept which assumes that a business will last indefinitely is: Business entity Going concern Periodicity Conservatism None 5. 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 Time's upRelated Posts:Chapter 1: Introduction to AccountingChapter 10: Depreciation AccountingChapter 14: Computerised AccountingChapter 10: Computerised Accounting system - Tally
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