Accounting Policies Quiz 1 – Punjab Meritorious School Preparation Portal

Welcome to your 1st August Accounting Policies Quiz 1 CBT TEST

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Name

Email

School Name with City

Phone Number

A change in accounting policy is justified

To comply with accounting standard and law.

To ensure more appropriate presentation of the financial statement of the enterprise.

Both (a) and (b)

None of the above

Accounting policy for inventories of Xeta Enterprises states that inventories are valued at the lower of cost determined on weighted average basis or net realizable value. Which accounting principle is followed in adopting the above policy?

Materiality

Prudence

Substance over form.

None of the above

Accounting policies refer to specific accounting

Principles

Methods of applying those principles.

Both (a) and (b)

None of the above

Selection of an inappropriate accounting policy decision may

Overstate the performance and financial position of a business entity.

Understate/overstate the performance and financial position of a business entity.

Overstate the performance of a business entity.

None of the above

The areas wherein different accounting policies can be adopted are

Providing depreciation

Valuation of inventories.

Both the option.

None of the above

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