11) According to this concept, it is assumed that business will exist for indefinite time period
(A) Realization concepts
(B) Going Concern Concept
(C) Business entity concept
(D) None of the above
12) According to this concept, business and owner both have separate identity
(A) Realization concepts
(B) Going Concern Concept
(C) Business entity concept
(D) Cost Concept
13) According to this concept, expenses are matched with revenue to study the business result
(A) Matching concepts
(B) Dual Aspect Concept
(C) Business entity concept
(D) Cost Concept
14) According to this convention, accounting practice should remain unchanged from one period to another
(A) Conservatism
(B) Materiality
(C) Full Disclosure
(D) Consistency
15) According to this concept, “Accounting records only those transactions which can be expressed in terms of money”
(A) Matching concept
(B) Dual Aspect Concept
(C) Business entity concept
(D) Money Measurement Concept
16) Assets minus liabilities is
(A) Profit
(B) Working Capital
(C) Capital
(D) Long-term liabilities
17) The excess of assets over liabilities is
(A) Capital
(B) Profit
(C) Equities
(D) Drawings
18) The accounting equation is
(A) Liabilities = Assets + Capital
(B) Assets = Liabilities + Capital
(C) Liabilities = Assets – Capital
(D) None of these
19) If assets are Rs. 8000 and capital is Rs. 6000, liabilities will be
(A) 8000
(B) 2000
(C) 14,000
(D) None of these
20) Assets must equal to
(A) Capital
(B) Liabilities
(C) Liabilities + Capital
(D) Liabilities + Bank Loan