Q. The comparison of financial statement of one year with that of another is possible only when _______ concept is followed
✅ Correct Answer: (C)
consistency
Financial Accounting 2 MCQs and Notes
Q. Valuation of stock in accounting follows the principle of cost price or ____ whichever is lower.
✅ Correct Answer: (C)
net realizable value
Q. The principle “Debit the receiver and credit the giver” is related to_____
✅ Correct Answer: (A)
personal a/c
Q. If nothing is written about the accounting assumption to be followed it is presumed that
✅ Correct Answer: (B)
they have not been followed
Q. Mr. X sold goods to Mr. Y ask Mr. X to keep the goods with him for some time
✅ Correct Answer: (A)
symbolic delivery
Q. As per accrual concept, which of the followings is not true
✅ Correct Answer: (C)
sales + gross profit = revenue
Q. Debit the receiver & credit the giver is _____ account
✅ Correct Answer: (A)
personal