1) Using 'lower of cost and net realisable value' for the purpose of inventory valuation is the implementation of which of the following concepts?
Answer : C Discuss
2) The concept of 'separate entity' is applicable to which of the following types of businesses?
3) Does prudence concept allow a business to build substantially higher reserves or provisions than that are actually required?
4) The revenue recognition principle dictates that all types of incomes should be recorded or recognized when
Answer : C Discuss
5) The matching concept matches which of the following?
Answer : C Discuss
6) The allocation of owner's private expenses to his/her business violates which of the following?
Answer : C Discuss
7) The going concern concept assumes that
Answer : A Discuss
8) American companies prepare their financial statement in Dollars whereas Japanese companies produce financial statement in Yen. This is an example of:
Answer : B Discuss
9) Which of the following is time spann into which the total life of a business is divided for the purpose of preparing financial statements?
10) Information about an item is _______ if its ommission or misstatement might influence the financial decision of the users taken on the basis of that information