Accounting Concepts Quiz! Trivia Knowledge
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Welcome to the Accounting Concepts Knowledge Quiz. There are different guidelines to follow when it comes to bookkeeping, and they include accounting concepts, principles, and laws. Revenue is only recognized when there is a certainty that it will be realized, whereas expenses are recognized when a reasonable possibility is incurred. In this quiz, you will test how well you know the different concepts and what they mean.
- 1.Accrual concept is based on
- A.
Matching concept
- B.
Cost concept
- C.
Dual aspect concept
- D.
Going concern concept
- 2.According to convention conservatism
- A.
Provision is made for bad and doubtful debts
- B.
Depreciation is charged on assets
- C.
Recording is made of outstanding expenses
- D.
All of above
- 3.According to money measurement concept:
- A.
All events and transactions are recorded
- B.
All transaction and events which can be estimated in money are recorded in the books of account
- C.
All transaction and events which can be measured in money terms are recorded in the books of accounts
- D.
None of these
- 4.According to going concern concept,a business is viewed as having
- A.
A limited life
- B.
A very long life
- C.
An indefinite life
- D.
None of these
- 5.According to which concept the same accounting methods should be used each year
- A.
Prudence
- B.
Full disclosure
- C.
Cost concept
- D.
Consistency
- 6.Income is measured on the basis of:
- 7.Which of these is not a fundamental accounting assumption?
- A.
Going concern
- B.
Consistency
- C.
Accrual
- D.
Materiality
- 8.Assets will be equal to capital if there are no liability.
- A.
True
- B.
False
- 9.Recognition of cost in the same period associated revenues is called
- 10.During the lifetime of an entity, accounting produces financial statements in accordance with which of the following accounting concept.
- A.
Matching
- B.
Conservatism
- C.
Accounting period
- D.
Cost
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