Accounting Quiz

According to the concept of conservation, the stock-in-trade is valued at:

• Cost Price

• Market Price

• Cost or Market which ever is higher

• Cost or Market which ever is lower

Which account of the following will be credited on giving of goods in donation-

• Sales A/c

• Purchases A/c

• Donation A/c

• Cash A/c

'Debit what comes in, Credit what goes out' applies to which type of account?

• Nominal Account

• Real Account

• Personal Account

• Impersonal Account

Outstanding rent account is personal account

• Yes

• No

The cost of a small calculator is accounted as an expense and not shown as an asset in financial statement of a business entity due to…..

• materiality concept

• matching concept

• historic cost concept

• principle of full disclosure

GAAP stands for

• General Accounting Aptitude Persons

• General Assets Accounting Principle

• Generally Accepted Accounting Principles

• Generally Accepted Accounting Practices

Which of the following accounts are placed in a Balance Sheet?

• Real Account only

• Real Account and Personal Account

• Real Account, Personal Account and Nominal Account

• Real Account and Nominal Account