Practice Accounting Concepts - 6 | 6. Accounting Concepts | ICSE Class 11 Accountancy
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6 - Accounting Concepts

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Learning

Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What does the Business Entity Concept state?

💡 Hint: Think about how businesses and personal expenses should be managed.

Question 2

Easy

What type of transactions does the Money Measurement Concept focus on?

💡 Hint: Consider what is quantifiable.

Practice 4 more questions and get performance evaluation

Interactive Quizzes

Engage in quick quizzes to reinforce what you've learned and check your comprehension.

Question 1

What does the Business Entity Concept ensure?

  • Business and personal transactions are mixed
  • Business is separate from owners
  • Assets are evaluated at market value

💡 Hint: Think about how an owner's financial actions affect business records.

Question 2

Is it true that the Money Measurement Concept ignores non-monetary factors?

  • True
  • False

💡 Hint: Consider what type of transactions get recorded in the accounting books.

Solve 2 more questions and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

A business is restructuring to reduce costs. How would presentation in financial statements change concerning the Going Concern and Cost Concept?

💡 Hint: Consider external factors influencing a company's operational future.

Question 2

A company sold products worth ₹100,000 but has not received payment. Describe how the Accrual Concept would treat this transaction in its financial statements.

💡 Hint: Think about when the sale is considered complete.

Challenge and get performance evaluation