Question24:-A business records a financial transaction in the period it occurs. Which
accounting concept applies here?

A:-Money measurement concept
B:-Accrual concept
C:-Accounting period concept
D:-Business entity concept
Correct Answer:- Option-B
Question25:-What does the concept of verifiable objective evidence mean?
A:-All the transactions recorded in the books should have documentary proof

B:-The accountant can remove negligible transactions that may not have a
bearing on final accounts

C:-The business should record both the aspects of each transaction
D:-None of the above
Correct Answer:- Option-A
Question26:-In Accounting AR stands for
A:-Audited report
B:-Annual report
C:-Account receivable
D:-Agreement receivable
Correct Answer:- Option-C

Question27:-Which statement helps to assess the financial position of an
organisation?

A:-Trading account

B:-Profit/Loss Statement

C:-Cash flow statement

D:-Balance Sheet

Correct Answer:- Option-D
Question28:-Provision for bad debt is created from

A:-Gross profit

B:-Net profit

C:-Debtors

D:-None of these

Correct Answer:- Option-C

Question29:-Discount on issue of shares and capitalised expenditures are examples
of:

A:-Current assets

B:-Fictitious assets