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Accounting Concepts_ Principles_ and Conventions MCQs for Competitive Exams

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Topic Notes: Accounting Concepts_ Principles_ and Conventions

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Accounting Concepts_ Principles_ and Conventions MCQs in Commerce are useful for candidates who need targeted practice for CSS, PMS, FPSC, PPSC, NTS, entry tests, and other competitive exams in Pakistan. This topic page is designed for quick revision, repeated practice, and exam-focused preparation.

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Which of the following is a valid alteration that can be made to an existing insurance policy?

Splitting of a policy into two or more is allowed as an alteration

Increase in sum assured will be welcomed as a preferred alteration in a policy

Notice is not always necessary in an assignment to be given by the assured to the insurer

Extension of premium paying period is normally allowed as an alteration in a policy

Report

To which types of business organizations does the separate entity concept apply?

All of them

Sole proprietorship

Corporation

Partnership

Report

Which of the following is classified as a non-standard proof of age for life insurance purposes?

Horoscope like a certificate of baptism is a standard age proof

Horoscope like a marriage certificate issued by a Roman catholic church is a standard age proof

Horoscope is a non-standard proof of age for life insurance purposes

Horoscope like certified extract from a family bible as to the date of birth is a standard age proof

Report

According to the Revenue Recognition Principle, at what point is revenue considered realized?

when cash is received from the purchaser

when the title of the goods has been transferred to the purchaser

when purchase order is received from the purchaser

when goods are delivered to the purchaser

Report

Match the accounting concepts with their respective definitions.

a-4, b-2, c-3, d-1

a-4, b-2, c-1, d-3

a-1, b-2, c-3, d-4

a-2, b-3, c-4, d-1

Report

What are the alternative terms used to describe the 'minimum rent' in a lease agreement?

Dead rent

All of the above

Flat rent

Fixed rent

Report

According to standard accounting principles, how should inventory be valued?

Cost and Sales Value

Market Price and Replacement Cost

Cost and Net Realizable Value

Sales Value and Profit

Report

Which accounting principle dictates that share capital should be reported on the liability side of the balance sheet?

Business entity concept

Cost concept

Going concern concept

Money measurement concept

Report

What term describes assets acquired to enhance business profitability rather than for resale purposes?

Current asset

Depreciable asset

Intangible asset

Fixed asset

Report

What is the effect of applying the convention of conservatism on financial statements?

Under statement of provision for bad and doubtful debts

Under statement of assets

Under statement of liabilities

Over statement of assets

Report

Accounting Concepts_ Principles_ and Conventions MCQs for Competitive Exams

Accounting Concepts_ Principles_ and Conventions MCQs for Competitive Exams

Topic Notes: Accounting Concepts_ Principles_ and Conventions

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