Practice Practical Application of Accounting Concepts - 6.3 | 6. Accounting Concepts | ICSE Class 11 Accountancy
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6.3 - Practical Application of Accounting Concepts

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Learning

Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What is the Business Entity Concept?

💡 Hint: Think about how businesses keep personal finances out of their accounts.

Question 2

Easy

What does the Money Measurement Concept imply?

💡 Hint: Consider what intangibles might be valuable but not counted.

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 principle states that a business must be treated as separate from its owner?

  • Dual Aspect Concept
  • Business Entity Concept
  • Cost Concept

💡 Hint: Think about whether your transactions are mixed with personal finances.

Question 2

True or False: The Money Measurement Concept allows non-monetary transactions to be recorded.

  • True
  • False

💡 Hint: Consider what kind of transactions can be recorded in financial books.

Solve 1 more question and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

Create a financial scenario involving at least three accounting concepts where one concept fails to be applied correctly. Analyze the consequences of this oversight.

💡 Hint: Consider scenarios where personal transactions affect company reports.

Question 2

Propose a set of guidelines for a small business to uphold the Money Measurement Concept while ensuring they properly account for intangible assets.

💡 Hint: What non-monetary benefits could be recognized and how might their value be assessed?

Challenge and get performance evaluation