Accounting - Practice Test

[#1576] Which of the following is not regarded as the fundamental concept that is identified by IAS-1?

(A) The going concern concept

(B) The separate entity concept

(C) The prudence concept

(D) Correction concept

Correct Answer

(D) Correction concept

Explanation

Solution: Correction concept is not regarded as the fundamental concept that is identified by IAS-1.

[#1577] Ledger is also called . . . . . . . .

(A) principal book of accounts

(B) cash books

(C) subsidiary books

(D) petty cash book

Correct Answer

(A) principal book of accounts

[#1578] The fundamental accounting equation, Assets = Equities + liabilities is the formal expression of:

(A) dual aspect concept

(B) matching concept

(C) going - concern concept

(D) money measurement concept

Correct Answer

(A) dual aspect concept

[#1579] Which of the following errors are revealed by trial balance?

(A) Omission of an amount from the trial balance

(B) Posting of the wrong amount

(C) Wrong totalling of the book of original entry

(D) None of these

Correct Answer

(C) Wrong totalling of the book of original entry

[#1580] When a bill is drawn by A on B, it is debited in the books of A to . . . . . . . .

(A) Cash account

(B) B's account

(C) Bills Receivable account

(D) Bills Payable account

Correct Answer

(C) Bills Receivable account

Accounting - Study Mode

[#1576] Which of the following is not regarded as the fundamental concept that is identified by IAS-1?

Correct Answer

Explanation

[#1577] Ledger is also called . . . . . . . .

Correct Answer

[#1578] The fundamental accounting equation, Assets = Equities + liabilities is the formal expression of:

Correct Answer

[#1579] Which of the following errors are revealed by trial balance?

Correct Answer

[#1580] When a bill is drawn by A on B, it is debited in the books of A to . . . . . . . .

Correct Answer