9th sep accountancy 11th

Which of the following is a business transaction?

• Goods purchased on credit

• A employee being dismissed

• Proprietor purchasing a car for personal use

• Sale of personal asset by the proprietor

Which of the following transactions is not the of financial character?

• Purchase of asset on credit

• Purchase of asset on cash

• Withdrawing of money by proprietor from business

• Strike by employees

According to Convention of Consistency

• Accounting policies and practices once adopted should be consistently followed

• Accounting policies and practices adopted may be changed as per the management’s decision

• Accounting policies and practices once adopted cannot be changed under any circumstances

• None of the above

according to which of the following accounting concepts, even the proprietor of a business is treated as creditor to the extent of his capital?

• Money Measurement Concept

• Dual Aspect Concept

• Cost Concept

• Business Entity Concept

During the life time of an entity, accounting produces financial statements in accordance with which of the following accounting concept?

• Matching

• Conservatism

• Accounting Period

• Cost