1. ............... concept is the basic idea that the business is separate from the owner.*

• Dual Aspect
• Separation
• Business Entity
• Materiality

2............... Concept is the basic idea that the business will continue for a long time.*

• Long Life
• Continuity
• Entity
• Going Concern

3. The convention of ........... Is the common rule of acting prudently, carefully or cautiously*

• Conservatism
• Caution
• Materiality
• Accrual

4. The convention of ....... Is the common rule followed by all accountants of separately recording and reporting the material details of business transaction.*

• Consistency
• Continuity
• Materiality
• Entity

5. The accounting concept/ convention requires the valuation of closing stock at market price, if it is lower than cost.*

• Going concern
• Cost
• Conservatism
• Money Measurement

6. Assets in the balance sheet are shown at cost rather than their market value because of the concept of .......*

• Cost
• Disclosure
• Realization
• Money Measurement

7. According to money measurement concept, which one of the following will be recorded in the books of accounts.*

• Skill of workers
• Quality of goods
• Managing ability of manager
• Cost of machinery

8. The policy of 'anticipate no profit and provide for all possible losses' arises due to convention of.......*

• Consistency
• Disclosure
• Conservatism
• Materiality

9. Income from sales is recorded when actually received, according to the accounting concept of .......*

• Cost
• Conservatism
• Materiality
• Realization

10. Income and expenses are recorded when due, according to the concept of.......*

• Consistency
• Accrual
• Conservatism
• Materiality