mcq

1. Q.1) Purpose of Financial Accounting is to
provide financial information to:
1) Shareholders
2) Board of Directors
3) Tax Authorities
4) All of these

2. Q.2) According to the Money Measurement concept, the
following will be recorded in the books of accounts:
1) Quality control in Business
2) Commission payable to salesmen
3)Extra profits made due to introduction of
Budgetary Control System
4) All of these

3. Q.3) GAAP Stands For:
1) Generally Accepted Accounting Principles
2) Generally Accepted Accounting Profits
3) Greater Accepted Accounting Policies
4) None of the Above

4. Q.4) Market Value of Investments is Shown as a
Footnote to Balance Sheet as per:
1) Consistency Concept
2) Disclosure Concept
3) Materiality
4) Going Concern

5. Q.5) Fixed Assets are Shown Cost Less
Depreciation as per --------- Concept?
1) Business Entity
2) Historical Cost
3) Going Concern
4) Consistency Concept