1061. If there is increase or decrease in the different elements or liabilities , but the value of total assets and total liabilities remains unchanged , It will be consider as :

A. Qualitative change *
B. Quantitative change
C. Monetary change
D. Political change

1062. When there is no question of meeting the value of a transaction , it is regarded as as :

A. Each transaction
B. Credit transaction
C. Paper transaction *
D. None of these

1063. A transaction taking place with an outside person or organization, is called on:

A. Internal transaction
B. External transaction *
C. Paper transaction
D. None of the above

1064. A transaction taking place with in which no outside person or organization is involved is called as :

A. Internal transaction
B. External transaction *
C. Paper transaction
D. None of the above

1065. Which of the system of recording transaction on duel aspect concept of accounting :

A. Double account system
B. Double Entry system *
C. Single entry system
D. Management system

1066. The following information will be recorded in the company’s books of accounts in accordance with the concept of measuring money:

A. The director’s health;
B. The quality of the company’s products;
C. The value of the plant and machinery *
D. None of the above

1067. The concept of conservation takes into account :

A. Every single future benefit and every future misfortune
B. Every single future benefit yet leaves generally future misfortunes
C. Every single future misfortune yet leaves generally future benefits *
D. None of the above

1068. The concept of conservation will have the effect of :

A. Understatement of assets *
B. Understatement of liabilities *
C. Overstatement of assets
D. None of the above

1069. Realization concept implies :

A. The receipt of the order
B. The delivery of the goods *
C. The customer’s cash payment receipt
D. None of the above

1070. According to: the proprietor is treated as a creditor up to the extent of his capital.

A. Cost concept
B. Business entity concept *
C. Going concern concept
D. None of the above