Miscellaneous In Commerce - Practice Test

[#201] The going concern concept assumes that:

(A) The entity continue running for foreseeable future

(B) The entity continue running until the end of accounting period

(C) The entity will close its operating in 10 years

(D) The entity can't be liquidated

Correct Answer

(A) The entity continue running for foreseeable future

[#202] Which of the following are the forms of e-banking? Select the correct answer. (1) Internet Banking (2) Telephone Banking (3) Electronic Cheque Conversion (4) Electronic Bill Payment (5) Direct Fund Transfer Through RTGS

(A) (1), (3) and (4)

(B) (1), (2), (3) and (4)

(C) (2), (3) and (4)

(D) (1), (2), (3), (4) and (5)

Correct Answer

(D) (1), (2), (3), (4) and (5)

[#203] The full disclosure principle, as adopted by the accounting profession, is best described by which of the following?

(A) All information related to an entity's business and operating objectives is required to be disclosed in the financial statements

(B) Information about each account balance appearing in the financial statements is to be included in the notes to the financial statements

(C) Enough information should be disclosed in the financial statements so a person wishing to invest in the stock of the company can make a profitable decision

(D) Disclosure of any financial facts significant enough to influence the judgment of an informed reade

Correct Answer

(D) Disclosure of any financial facts significant enough to influence the judgment of an informed reade

[#204] NAV and AMC are mainly applicable for . . . . . . . .

(A) Mutual Funds

(B) Stock Exchange

(C) Cooperative Institutions

(D) Banks

Correct Answer

(A) Mutual Funds

[#205] 'Weeding out' is:

(A) Removing inefficient workers

(B) Framing new rules and regulations

(C) Determining salaries and wages

(D) Destroying papers which are no longer required

Correct Answer

(D) Destroying papers which are no longer required

Miscellaneous In Commerce - Study Mode

[#201] The going concern concept assumes that:

Correct Answer

[#202] Which of the following are the forms of e-banking? Select the correct answer. (1) Internet Banking (2) Telephone Banking (3) Electronic Cheque Conversion (4) Electronic Bill Payment (5) Direct Fund Transfer Through RTGS

Correct Answer

[#203] The full disclosure principle, as adopted by the accounting profession, is best described by which of the following?

Correct Answer

[#204] NAV and AMC are mainly applicable for . . . . . . . .

Correct Answer

[#205] 'Weeding out' is:

Correct Answer