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Question 1
Which fundamental accounting concept dictates that revenue is recognized when it is earned and expenses are recognized when they are incurred, regardless of cash receipt or payment?
Correct Answer:
Accrual concept
Question 2
A sole proprietor withdraws ₹50,000 in cash from the business bank account for personal household expenses. Which accounting concept mandates treating this withdrawal as 'Drawings' rather than a business expense?
Correct Answer:
Business entity concept
Question 3
Creating a 'Provision for Doubtful Debts' against trade receivables at the end of the financial year is based on which accounting principle?
Correct Answer:
Prudence (Conservatism) concept
Question 4
Why are fixed assets valued at historical cost less accumulated depreciation rather than their current market liquidation value in a standard Balance Sheet?
Correct Answer:
Because of the Going Concern concept
Question 5
A firm purchases a new machine for ₹4,00,000 and incurs ₹30,000 on freight and ₹20,000 on installation before it is ready for use. Additionally, ₹5,000 is spent on annual insurance for the machine. What amount should be capitalized in the Machinery Account?
Correct Answer:
₹4,50,000
Question 1
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About this Exam

Prepare with the ASSEB Higher Secondary Accountancy Practice Questions - Assam ASSEB Higher Secondary Accountancy Examination (Class 11 & 12) Exam practice quiz. This question bank includes 100 questions covering profit, partner, firm, share, and year. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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ASSEB Higher Secondary Accountancy Practice Questions - Assam ASSEB Higher Secondary Accountancy Examination (Class 11 & 12) Exam

This practice set contains 100 questions from the matching question bank and focuses on profit, partner, firm, share, and year. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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