The document contains 5 multiple choice questions that test accounting concepts and principles. Question 1 asks about the purpose of financial accounting, with the answer being that it provides financial information to shareholders, board of directors, and tax authorities. Question 2 relates to the money measurement concept and what would be recorded in accounts. Question 3 asks about the meaning of the acronym GAAP. Question 4 concerns where market value of investments would be shown on a balance sheet. Question 5 is about the concept that dictates fixed assets be shown at cost less depreciation.

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