1071. The accounting equation is based on :

A. Going concern concern concept
B. Dual aspect concept
C. Money measurement concept *
D. None of the above

1072. An obligation of the entity to owners is treated as a liability in the balance sheet according to :

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

1073. Market value of investments is shown as a foot note according to :

A. Convention of disclosure *
B. Convention of consistency
C. Convention of conservation
D. None of the above

1074. Making the provision for doubtful debts in anticipation of actual bad debts is on the basis of :

A. Convention of disclosure
B. Convention of consistency
C. Convention of conservation *
D. None of the above

1075. The use of an accelerated method of depreciation is based on :

A. Convention of disclosure
B. Convention of materiality
C. Convention of conservation *
D. None of the above

1076. The accounting equation is :

A. Liabilities = Assets + Capital *
B. Assets= Capital – Liabilities
C. Assets= Capital + Liabilities
D. None of the above

1077. In according all business transactions are recorded as having :

A. Dual aspect *
B. Single aspect
C. Economic aspect
D. None of the above

1078. Accounting principle is general law or rule follows in the preparation of :

A. Accounting equation
B. Financial statements
C. Personal accounts
D. Bank accounts *

1079. Usefulness , objectivity and feasibility are the three basic norms found in:

A. Accounting transactions
B. Accounting concepts
C. Accounting principles *
D. None of the above

1080. The cost concept applied only to the assets and not to :

A. Expenses
B. Liabilities *
C. Incomes
D. None of the above