Financial Accounting 2 MCQs and Notes
Q. Outstanding salary account is a
✅ Correct Answer: (C)
representative personal account
Q. Co-operative societies is an example of
✅ Correct Answer: (A)
personal account
Q. While putting the value or price of an entity in financial records the lowest price is recorded not the current price or current market value. This is known as
✅ Correct Answer: (B)
conservatism
Q. Dividing the expenditure into capital and revenue is according to
✅ Correct Answer: (D)
accounting period concept
Q. All the transactions measurable in the terms of money are recorded in accounts is according to
✅ Correct Answer: (C)
money measurement concept