Accounting Principles and Concepts MCQs Test

Now its time to assess how much you learned about Accounting principles and concepts. We have prepared the MCQs quiz for this chapter. Go and take the quiz to clear your concepts about Accounting principles and concepts. If you face any difficulty to answer the question we advise you to read this topic thoroughly from the explanation section.

We have prepared a multiple choice questions quiz for the students to check their knowledge about Accounting Principles and Concepts chapter. The quiz consists of 10 multiple choice questions. Go through all the questions and then click the submit button to get the result.

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1. Accounting cycle does not include:


2. One of the following is not the characteristic of Accounting Principles:


3. Which is not a feature of separate entity concept?


4. Going concern may be defined best as:


5. Matching concept does not include one of the following:


7. Realization Concept does not include one of the following features:


8. According to consistency convention accounting principles should be:


9. One of the following is not the example of materiality concept:


10. Disclosure convention requires:


11. For better assessing the audit risk, auditor inquires different groups in the organizations EXCEPT:


13. During test of control procedure its design can easily tested with the help of:


14. Which of the following is true?


15. The small audit firms provide the following service EXCEPT:


16. Which of the following is not included in the category of cash?


17. Which of the following letter should be included in the letter of representation?


18. When cash sales should be recorded by the companies in order to achieve control objectives?


20. Which of the following is a series of constant cash flows that occur at the end of each period for some fixed number of periods?


21. During the accounting period, sales revenue is $25,000 and accounts receivable increases by $8,000. What will be the amount of cash received from customers for the period?


22. Which of the following ratios are intended to address the firm’s financial leverage?


23. Balance Sheet is based upon which of the following formula?


24. Quick Ratio is also known as:


25. Which of the following is a special case of an annuity, where the stream of cash flows continues forever?


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