Theoretical Framework-Accounting as a Measurement Discipline Valuation Principles, Accounting Estima 0 Theoretical Framework-Accounting as a Measurement Discipline Valuation Principles, Accounting Estima 1 / 30 Q.30 ________accounts represent assets and properties which can be seen,touched,felt,measured,purchased and sold. Tangible real accounts Intangible real accounts Representative personal accounts Artificial or legal persons account 2 / 30 Q.29 All accounts are classified into______ Personal accounts Real accounts Nominal accounts Any of the above 3 / 30 Q.28 Outstanding wages is a___________ Real accounts Personal accounts Nominal accounts None of the above 4 / 30 Q.27 The rule for personal accounts is_________ Debit the receiver,credit the giver Debit what comes in,credit what goes out Debit all expenses and losses,credit all incomes and gains All of the above 5 / 30 Q.26 As per provisions of The Companies Act,1956,companies must maintain their accounts under_______ Double account system Single entry system Double entry system Duplicate account system 6 / 30 Q.25 Which of the following account is the artificial personal account ? ICICI Bank A/c Neelam A/c Wages A/c Machinery A/c 7 / 30 Q.24 Trading account is a__________ Personal accounts Real accounts Nominal accounts valuation account 8 / 30 Q.23 Accounts relating to properties or assets are known as______ Real accounts Personal accounts Nominal accounts None of the above 9 / 30 Q.22 There are_________systems of keeping records. Single entry system Double entry system Both (a) & (b) Duplicate account system 10 / 30 Q.21 Which of the following account is tangible real account ? patent Goodwill Machinery Creditors 11 / 30 Q.20 Goodwill accounts,patents account,trademarks account,copyright account are examples of______ Tangible real accounts Intangible real accounts Representative personal Accounts Artificial or legal persons account 12 / 30 Q.19 Prepaid insurance,outstanding salaries are example of___________ Tangible real accounts Intangible real accounts Representative personal accounts Artificial or legal persons account 13 / 30 Q.18 Real account can be further classified into______ Tangible Intangible (a) or (b) None of the above 14 / 30 As on 31st March, 2016, if the company values the machinery at Rs.11,00,000, which of the following valuation principle is being followed? Historical. Present Value. Realisable Value. 15 / 30 Q.16 Measurement discipline deals with. Identification of objects and events. Selection of scale. Both (a) and (b) 16 / 30 Q.15 Purchase is_________ Real accounts Personal accounts Nominal accounts None of the above 17 / 30 Q.14 The rule for nominal accounts is_______ Debit the receiver,credit the giver Debit what comes in,credit what goes out Debit all expenses and losses,credit all incomes and gains All of the above 18 / 30 Q.13 All of the following are valuation principles except Historical cost. Present value. Future value. 19 / 30 Q.11 In double entry system of book-keeping every business transaction affects. Two accounts with equal but opposite effect. Two sides of the same account The same account on two different dates. All of the above 20 / 30 Q.11 In double entry system of book-keeping every business transaction affects. Two accounts with equal but opposite effect. Two sides of the same account The same account on two different dates. All of the above 21 / 30 Q.10 _______system recognizes the fact that every transaction has two aspects and records both aspects of each and every transaction Single entry system Double entry system Double account system Duplicate account system 22 / 30 Q.9 Rent account is__________ Real accounts Personal accounts Nominal accounts None of the above 23 / 30 Q.8 bill payable account is________ Real accounts Personal accounts Nominal accounts None of the above 24 / 30 Q.7 Bad debt recovered is______ Real accounts Personal accounts Nominal accounts None of the above 25 / 30 Q.6 Prepaid account is________ Real accounts Personal accounts Nominal accounts None of the above 26 / 30 Q.5 Personal accounts is/are of the following types. Natural persons Artificial or legal persons Representative personal accounts Any of the above 27 / 30 Q.4 Drawing account is_____ Real accounts Personal accounts Nominal accounts None of the above 28 / 30 Q.3 ________accounts represent assets and properties which cannot be seen,touched or felt but they can be measured in terms of money. Tangible real accounts Intangible real aacounts Representative personal accounts Artificial or legal persons account 29 / 30 Q.2 Accounts recording transaction with a person or group of persons are known_______ Personal accounts Real accounts Nominal accounts Impersonal accounts 30 / 30 Q.1 Discount allowed is____________ Real accounts Personal accounts Nominal accounts None of the above Your score is LinkedIn Facebook Twitter VKontakte