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Accountant exam practice set

1. According to the concept of conservation, the stock in trade is valued at—
(A) Cost price
(B) Market price
(C) Cost or market price which ever is higher
(D) Cost or market price which ever is lower


2. The concept of conservation will have the effect of—
(A) Over statement of assets
(B) Understatement of assets
(C) Understatement of liabilities
(D) Understatement of provision for bad and doubtful debts


3. Non-financial information is not recorded in accounts due to—
(A) Accrual concept
(B) Entity concept
(C) Dual aspect concept
(D) Money measurement concept


4. Balance in ‘Nazrana’s a/c’ in the books of lessee is shown in—
(A) Landlords a/c
(B) P&L a/c
(C) Balance sheet assets side
(D) Balance sheet liabilities side


5. The hire-buyer charges depreciation on—
(A) Cash price of the asset
(B) Hire purchase price of the asset
(C) Higher of the two
(D) Lower of the two