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Digitization help student to explore and study their academic courses online, as this gives them flexibility and scheduling their learning at their convenience. Kidsfront has prepared unique course material of Economics Awareness Professional Accounting Knowledge for Economics Awareness Practice student. This free online Economics Awareness study material for Economics Awareness Practice will help students in learning and doing practice on Professional Accounting Knowledge topic of Economics Awareness Practice Economics Awareness. The study material on Professional Accounting Knowledge, help Economics Awareness Practice Economics Awareness students to learn every aspect of Professional Accounting Knowledge and prepare themselves for exams by doing online test exercise for Professional Accounting Knowledge, as their study progresses in class. Kidsfront provide unique pattern of learning Economics Awareness with free online comprehensive study material and loads of Economics Awareness Practice Economics Awareness Professional Accounting Knowledge exercise prepared by the highly professionals team. Students can understand Professional Accounting Knowledge concept easily and consolidate their learning by doing practice test on Professional Accounting Knowledge regularly till they excel in Economics Awareness Professional Accounting Knowledge.


Professional Accounting Knowledge
Which of the following statement is correct? if Mr. X starts a new business in the name of M/s Independent Trading Company and introduced a capital of Rs1,00,000 in cash.

a) Cash of Company is Debit and Mr X Account is credit with Rs100,000
b) Cash of Mr X account is Debit and Company account is credit With Rs100000
c) Company Cash Balance is decreased by Rs1,00,000
d) None is correct



Answer
Correct Answer Is : Cash of Company is Debit and Mr X Account is credit with Rs100,000
Solution Is :
As per the Dual concept Which of the following is not true ?

a) Capital + Liabilities = Assets
b) Assets + Liabilities = Capital
c) Assest = Equities (Capital)
d) Assets - Liabilities = Capital



Answer
Correct Answer Is : Assets + Liabilities = Capital
Solution Is :
Annual ascertainment and reporting the true and fair financial position of the concern as a whole, under which of the following

a) Going Concern Concept
b) Entity Concept
c) Accounting Period concept
d) Money Measurement Concept



Answer
Correct Answer Is : Accounting Period concept
Solution Is :
A business unit makes investments in the form of fixed assets. Due to which accounting concept we book only depreciation of the assets in our profit & loss account and not the difference of acquisition cost of assets less net realizable value of the assets.

a) Going Concern Concept
b) Entity Concept
c) Money Measurement Concept
d) Cost Concept



Answer
Correct Answer Is : Going Concern Concept
Solution Is :
Due to which concept we ignore the market value of fixed assest ?

a) Entity Concept
b) Cost Concept
c) Money Measurement Concept
d) Matching Concept



Answer
Correct Answer Is : Cost Concept
Solution Is :
What will be the book value of the following items : Shirts Rs5000, :Pants Rs7500, Jackets 1000 pieces & lower 200 pieces

a) 29000
b) 16000
c) 29500
d) Cannot be calculated



Answer
Correct Answer Is : Cannot be calculated
Solution Is :
Which accounting concept specifies the practice of crediting closing stock to trading account ?

a) Entity Concept
b) Cost Concept
c) Matching Concept
d) Realisation Concept



Answer
Correct Answer Is : Matching Concept
Solution Is :
"If no sales take place, no revenue is considered." Which Concept?

a) Realisation Concept
b) Matching Concept
c) Cost Concept
d) Going Concern Concept



Answer
Correct Answer Is : Realisation Concept
Solution Is :
Which Concept is this where Costs are recognized when they are incurred and not when paid?

a) Accrual Concept
b) Realisation Concept
c) Cost Concept
d) Matching Concept



Answer
Correct Answer Is : Accrual Concept
Solution Is :
Due to which concept depreciation is charged on the basis of cost price ?

a) Accrual Concept
b) Rupee Value Concept
c) Cost Concept
d) Entity Concept



Answer
Correct Answer Is : Rupee Value Concept
Solution Is :

Preparation for Exams