QI.J Which accounting concept satisfy the valuation criteria A)J Going concern, Realisation, Cost b) Going concern, Cost, Dual aspect c) Cost, Dual aspect, Conservatism d) Realisation, Conservatism, Going concern.
QI.J Which accounting concept satisfy the valuation criteria A)J Going concern, Realisation, Cost b) Going concern, Cost, Dual aspect c) Cost, Dual aspect, Conservatism d) Realisation, Conservatism, Going concern.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
QI.J Which accounting concept satisfy the valuation criteria
A)J Going concern, Realisation, Cost b) Going concern, Cost, Dual aspect
c) Cost, Dual aspect, Conservatism
d) Realisation, Conservatism, Going concern.
Q2] A trader has made a sale of Rs.75,500 out of which cash sales amounted toRs.25,500. He
showed trade receivables on 31-3-2014 at Rs.25,500. Which concept is followed by him?
a) Going concern b) Cost c) Accrual d) Money measurement
Q3] In which of the following cases, accounting estimates are
needed?
a) Employs benefit schemes b) Impairment of losses c) Inventory obsolescence d) All of the
above
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