Business Entity

Q.

The term "Management Accounting" was first used in _______.

Q.

What Is The Full Form Of Asb In Accountancy

Q.

Internal auditor is appointed by the: Commerce Q&A

Q.

Why is it necessary for accountants to assume that business entity will remain a going concern?

Q.

Statement A: The owner and business are two separate entities. This is covered by Business Entity concept.

Statement B: Cost concept covers that the books of account are prepared at a certain frequency.

1. Statement A: True
   Statement B: True

2. Statement A: True
   Statement B: False

3. Statement A: False
   Statement B: False

4. Statement A: False
   Statement B: True

Q.

Keeping the records of the business separate from the personal records of the owner of the business is said to be in adherence to which accounting principle or concept?

1. Continuing-concern concept

2. Business entity principle

3. Realization principle

4. Objectivity principle

Q.

What is the accounting period principle? Who is required to adopt this principle compulsorily?

Q.

An accountant of a firm, maintaining its books under accrual basis, does not want to account salaries amounting to Rs.20, 000 for the month of March 2016, on the grounds, that it was not paid.The firm closes its books on 31st March every year.Is the accountant correct in doing so?

Q.

What Are the Advantages of Decentralization?

Q.

Statement A: Raghav added Rs 1, 00, 000 in his restaurant 'Fresh Bites' and recorded this in his books of account.
Statement B: Now, he is an ambitious man. He expects his restaurant to become really famous and last for infinite years.
Statement C: After every month, he calculates his profit or loss to know how his business is performing.

Identify the concepts covered in these 3 statements.

1. Statement A: Business Entity
   Statement B: Going concern
   Statement C: Accounting Period

2. Statement A: Consistency
   Statement B: Going concern
   Statement C: Accounting Period

3. Statement A: Business Entity
   Statement B: Consistency
   Statement C: Going concern

4. Statement A: Matching
   Statement B: Cost concept
   Statement C: Business Entity

Q. Answer the question.
Mention Five areas in which different accounting policies are followed by companies.

Q. Sale of office furniture should be debited to __________.

1. Office furniture account
2. Sales account
3. Cash account
4. None of these

Q.

Answer in one sentence only :-

What is an error of principle?