Q. Human resources will not appear in the balance sheet according to ______ concept.
✅ Correct Answer: (C)
money measurement concept
Financial Accounting 2 MCQs and Notes
Q. Which accounting concept specifies the practice of crediting closing stock to the trading account?
✅ Correct Answer: (D)
matching
Q. _______ is root cause for financial accounting
✅ Correct Answer: (A)
stewardship accounting
Q. In income measurement & recognisation of assets & liabilities which of the following concepts goes together?
✅ Correct Answer: (A)
periodicity, accural, matching
Q. The process of recording financial data upto trial balance is
✅ Correct Answer: (A)
book keeping
Q. In profit and loss account, if credit is more than the debit, the difference is
✅ Correct Answer: (A)
net profit
Q. All revenue incomes are credited to
✅ Correct Answer: (C)
profit and loss account
Q. Profit and loss account is a
✅ Correct Answer: (C)
nominal account