Accounts - Principles of Accounts Past Questions

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1306

Which of the following is not an accounting concept?

A. periodicity
B. accuracy
C. consistency
D. objectively

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1307

"Transactions are governed by legal principles, but are nevertheless accounted for and presented in accordance with the substance and financial reality". This is in compliance with the principle of

A. substance over form
B. prudence
C. objectively
D. materiality

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1308

Which of the following statements is no correct?

A. profits increase capital
B. losses reduce capital
C. drawings reduce capital
D. drawings increase capital

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1309

Direct material + direct expenses is

A. overhead
B. prime cost
C. total cost
D. conversion cost

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1310

Books of account are opening by means of a

A. purchases journal
B. principal journal
C. sales journal
D. returns inward journal

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Accounts - Principles of Accounts Past Questions

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