Practice Key Accounting Concepts - 6.2 | 6. Accounting Concepts | ICSE Class 11 Accountancy
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6.2 - Key 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 entail?

💡 Hint: Think about financial statements.

Question 2

Easy

Name one financial transaction that cannot be measured in monetary terms.

💡 Hint: Think about emotions or status.

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?

  • Assets can be used for personal purposes.
  • Business transactions are recorded with personal transactions.
  • Business transactions are recorded separately from owners' personal transactions.

💡 Hint: Think about what should be included in financial statements.

Question 2

True or False: The Going Concern Concept assumes that a business will not continue forever.

  • True
  • False

💡 Hint: What does this concept imply about the business's future?

Solve 2 more questions and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

If a business owner took out a loan in the company's name to fund a personal vacation, how would this violate the Business Entity Concept? What implications does it have for financial reporting?

💡 Hint: Consider how this affects clarity in reporting.

Question 2

Discuss the implications of the Accrual Concept for a company that reports revenue closely, perhaps prematurely. How can this mislead investors?

💡 Hint: What happens when expectations do not match reality?

Challenge and get performance evaluation