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Professional Accounting Knowledge

Management Concealing important Financial information violates which convention ?

a) Convention of Materiality
b) Convention of Disclosure
c) Convention of Consistency
d) Convention of Conservatism

✔Answer

Correct Answer Is : Convention of Disclosure

Solution Is :

Under which convention inventory is valued at cost price or market price whichever is lower?

a) Convention of Materiality
b) Convention of Disclosure
c) Convention of Consistency
d) Convention of Conservatism

✔Answer

Correct Answer Is : Convention of Conservatism

Solution Is :

Replacing accounting principles every year would violate which convention?

a) Convention of Materiality
b) Convention of Disclosure
c) Convention of Consistency
d) Convention of Conservatism

✔Answer

Correct Answer Is : Convention of Consistency

Solution Is :

A stapler is purchased by a firm for a nominal amount. It should not be classified as a fixed asset under which of the following conventions ?

a) Convention of Materiality
b) Convention of Disclosure
c) Convention of Consistency
d) Convention of Conservatism

✔Answer

Correct Answer Is : Convention of Materiality

Solution Is :

Which of the following statement is not correct ?

a) It is mandatory that all significant accounting policies adopted in the preparation and presentation of financial statements should be disclosed.
b) Accounting policy discloser is not necessary to be a part of the financial statement.
c) There is no single list of accounting policies which are applicable to all circumstances.
d) Accounting Standard (AS) 1 deals with the disclosure of significant accounting policies followed in preparing and presenting financial statements.

✔Answer

Correct Answer Is : Accounting policy discloser is not necessary to be a part of the financial statement.

Solution Is :

Accounting Standard for intangible asset

a) AS 15
b) AS 26
c) AS 28
d) AS 27

✔Answer

Correct Answer Is : AS 26

Solution Is :

As per accounting standard 3 cash flow is classified as

a) Operating and investing activities
b) Operating and financing activities
c) Financing and investing activities
d) Operating, financing and investing activities

✔Answer

Correct Answer Is : Operating, financing and investing activities

Solution Is :

Which of the accounting standard relate to Contingencies and Events Occurring after the Balance Sheet Date

a) AS5
b) AS4
c) AS3
d) AS2

✔Answer

Correct Answer Is : AS4

Solution Is :

Which Accounting standard deals with Net Profit or Loss for the period ?

a) AS5
b) AS4
c) AS3
d) AS2

✔Answer

Correct Answer Is : AS5

Solution Is :

Accounting Standard for Depreciation Accounting ?

a) AS10
b) AS15
c) AS6
d) AS 9

✔Answer

Correct Answer Is : AS6

Solution Is :

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Economics Awareness Practice Economics Awareness Study Material

Professional Accounting Knowledge

Management Concealing important Financial information violates which convention ?

Correct Answer Is : Convention of Disclosure

Solution Is :

Under which convention inventory is valued at cost price or market price whichever is lower?

Correct Answer Is : Convention of Conservatism

Solution Is :

Replacing accounting principles every year would violate which convention?

Correct Answer Is : Convention of Consistency

Solution Is :

A stapler is purchased by a firm for a nominal amount. It should not be classified as a fixed asset under which of the following conventions ?

Correct Answer Is : Convention of Materiality

Solution Is :

Which of the following statement is not correct ?

Correct Answer Is : Accounting policy discloser is not necessary to be a part of the financial statement.

Solution Is :

Accounting Standard for intangible asset

Correct Answer Is : AS 26

Solution Is :

As per accounting standard 3 cash flow is classified as

Correct Answer Is : Operating, financing and investing activities

Solution Is :

Which of the accounting standard relate to Contingencies and Events Occurring after the Balance Sheet Date

Correct Answer Is : AS4

Solution Is :

Which Accounting standard deals with Net Profit or Loss for the period ?

Correct Answer Is : AS5

Solution Is :

Accounting Standard for Depreciation Accounting ?

Correct Answer Is : AS6

Solution Is :

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