Assertion Reason MCQ of Process and Basis of Accounting Class 11 with answers for CBSE, ISC and State Boards Assertion (A): First step in the accounting process is the identification of business transactions. Reason (R): Business transactions must be evidenced…
MCQ of Process and Basis of Accounting Class 11 with answers for CBSE, ISC and State Boards In accrual basis of accounting, transactions are recorded that are (a) cash transactions(b) credit transactions(c) Both (a) and (b)(d) Neither (a) nor (b)…
MCQ of Accounting Standard Class 11 with answers of CBSE, ISC and State Boards Nature of Accounting standard is (a) they direct as to how the transactions should be recorded(b) they make the financial statements comparable(c) they provide information as…
Assertion Reason MCQ of Accounting Standard Class 11 with answers of CBSE, ISC and State Boards Assertion (A): Accounting Standards are written statements specifying uniform rules and practices for preparing financial statements. Reason (R): Accounting Standards are formualted by Companies…
Assertion Reason MCQ of Accounting Principles Class 11 with answers of CBSE, ISC and State Boards Assertion (A): Based on the Going Concern Concept, assets are valued at the market value. Reason (R): According to the Consistency Concept, accounting policies…
