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According to the Concept of Conservatism, an accountant should

A. Recognize all losses and anticipate no gains

B. Recognize all gains and anticipate no losses

C. Recognize and anticipate both gains and losses

D. Both (b) and (c)

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  1. The basic unit of measurement of the accounting system is ______________.
  2. Sale of Office Furniture should be credited to Sales Account.
  3. According to the Concept of Conservatism, an accountant should
  4. The account which can never have a credit balance is
  5. The life span of a company is dependent on the life span of the
  6. Capital of the business is an example of external liability.
  7. Cash is an example of
  8. Depreciation is not charged on _______________.
  9. Which of the following events is not a transaction?
  10. All events are transactions but all transactions are not events.
  11. The aggregate of direct material, direct labour and direct expenses is known as
  12. Transfer to General Reserve is a charge against
  13. All credit sales are recorded in
  14. Wages and Salaries is a charge against
  15. The first step of accountancy is
  16. An expense incurred to keep the machine in working condition is a capital expenditure.
  17. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  18. Fixed Assets are stated in the balance sheet at their market value.
  19. The balance in the Cash Book represents net income.
  20. WIP stands for
  21. HUF stands for
  22. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  23. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  24. Copyright is an example of
  25. Net Realisable Value of an asset means
  26. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  27. Choose the odd one out
  28. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  29. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  30. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…