Q141
Open questionUsing 'lower of cost and net realisable value' for the purpose of inventory valuation is the implementation of which of the following concepts?
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Q142
Open questionThe concept of 'separate entity' is applicable to which of the following types of businesses?
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Q143
Open questionDoes prudence concept allow a business to build substantially higher reserves or provisions than that are actually required?
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Q144
Open questionThe revenue recognition principle dictates that all types of incomes should be recorded or recognized when
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Q145
Open questionThe matching concept matches which of the following?
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Q146
Open questionThe allocation of owner's private expenses to his/her business violates which of the following?
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Q147
Open questionThe going concern concept assumes that
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Q148
Open questionAmerican companies prepare their financial statement in Dollars whereas Japanese companies produce financial statement in Yen. This is an example of:
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Q149
Open questionWhich of the following is time spann into which the total life of a business is divided for the purpose of preparing financial statements?
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Q150
Open questionInformation about an item is _______ if its ommission or misstatement might influence the financial decision of the users taken on the basis of that information
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Q151
Open questionExercising a degree of caution in the case of judgements needed under the condition of uncertainity is the assumption of which of the following accounting concepts?
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Q152
Open questionWhich one of the following concepts states that the publication or presentation of financial statements should not be delayed?
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Q153
Open questionLand on lease should be shown in Blance sheet contrary to the fact that the company does not own that piece of land is the implementation of which accounting concept?
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Q154
Open questionDepreciation is charged on fixed assets to comply with which of the following accounting principle?
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Q155
Open questionNet profit is computed in which of the following?
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Q156
Open questionIn income statement, gross profit is always equal to
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Q157
Open questionOffice equipment is a ______ asset for a computer manufacturer and the same office equipment is a ____ asset for a company that deals in these equipments
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Q158
Open questionFinancial statements mainly help in
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Q159
Open questionPurchases + opening stock - closing stock = ?
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Q160
Open questionWhich of the following financial statements shows the financial position of a business at a specific date?
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