Which concept requires that those transactions which can be measured in terms of money are recorded - (c) Money Measurement Description: As per money measurement concept, only those transactions which can be measured in terms of money are recorded in books of account. This concept requires that those transactions that are capable of being measured in terms of money can only be recorded in books of accounts. - Fundamentals of Accounting Interview Questions and Answers

CoolInterview.com - World's Largest Collection of Interview Questions & Answers, FAQs, queries, sample papers, exam papers, dumps, what, why, how, where, when questions

OneStopTesting.com - Testing EBooks, Tutorials, Articles, Jobs, Training Institutes etc.
OneStopGate.com - Gate EBooks, Tutorials, Articles, FAQs, Jobs, Training Institutes etc.
OneStopMBA.com - MBA EBooks, Tutorials, Articles, FAQs, Jobs, Training Institutes etc.
OneStopIAS.com - IAS EBooks, Tutorials, Articles, FAQs, Jobs, Training Institutes etc.
OneStopSAP.com - SAP EBooks, Tutorials, Articles, FAQs, Jobs, Training Institutes etc.
OneStopGRE.com - of GRE EBooks, Tutorials, Articles, FAQs, Jobs, Training Institutes etc.

Sponsored Links

Interview Questions

INTERVIEW QUESTIONS

COMMON PROFICIENCY TEST (CPT)

FUNDAMENTALS OF ACCOUNTING

DETAILS

Question: Which concept requires that those transactions which can be measured in terms of money are recorded in books of account?

Answer: (c) Money Measurement
Description: As per money measurement concept, only those transactions which can be measured in terms of money are recorded in books of account. This concept requires that those transactions that are capable of being measured in terms of money can only be recorded in books of accounts.

Category	Fundamentals of Accounting Interview Questions & Answers - Exam Mode / Learning Mode
Rating	(0.2) By 8481 users
Added on	7/21/2016
Views	68029
Rate it!

Question: Which concept requires that those transactions which can be measured in terms of money are recorded in books of account?

Answer:

(c) Money Measurement
Description: As per money measurement concept, only those transactions which can be measured in terms of money are recorded in books of account. This concept requires that those transactions that are capable of being measured in terms of money can only be recorded in books of accounts. Source: CoolInterview.com

If you have the better answer, then send it to us. We will display your answer after the approval.

Rules to Post Answers in CoolInterview.com:-

There should not be any Spelling Mistakes.

There should not be any Gramatical Errors.

Answers must not contain any bad words.

Answers should not be the repeat of same answer, already approved.

Answer should be complete in itself.

	Related Questions	View Answer
	In the accounting period, according to which concept, cost incurred to acquire an asset is shown in the Balance Sheet. a) Business Concept b) Realization Concept c) Cost Concept d) Accounting Period Concept	View Answer
	Proprietor (owner) is treated as creditor of business due to: a) Periodicity concept b) Materiality Principle c) Entity Concept d) Consistency concept	View Answer
	Unpaid expenses are: a) Outstanding Liabilities b) Prepaid expenses c) Unaccrued expenses d) All of these	View Answer
	Estimated selling price less estimated cost of sales is: a) Net Realizable Value b) Cost of purchase c) Cost of goods sold d) None	View Answer
	Cash of Rs. 2,000 is withdrawn for personal expenses. This will be debited to which account: a) Drawings A/C b) Creditors A/C c) Capital A/C d) Cash A/C	View Answer
	Fixed assets and current assets are categorized as per concept of: a) Separate entity b) Going concern c) Consistency d) Time period	View Answer
	The obligations of an enterprise other than owner's fund are known as: a) Assets b) Liabilities c) Capital d) None of these	View Answer
	Which of these is not a fundamental accounting assumption? a) Going Concern b) Consistency c) Conservatism d) Accrual	View Answer
	The adjustments to be made for prepaid expenses is: a) Add prepaid expenses to respective expenses and show it as an asset b) Deduct prepaid expenses form respective expenses and show it as an asset c) Add prepaid expenses to respective expenses and show it as a liability d) Deduct prepaid expenses from respective expenses and show it as a liability	View Answer
	Accounting does not record non- financial transactions because of: a) Accrual concept b) Cost Concept c) Continuity Concept d) Money Measurement Concept	View Answer
	Omission of paise and showing the round figures in financial statements is based on: a) Conservatism Concept b) Consistency Concept c) Materiality Concept d) Realization Concept	View Answer
	The Accounting Convention of Matching means: a) Profit for the period to be matched with sales revenue b) Profit for the period to be matched with investment c) Expenses of one period to be matched against the expenses of another period d) Expenses of one period to be matched against the revenue of the same period	View Answer
	During the life time of an entity accountants prepare financial statements at arbitrary points of time as per: a) Prudence b) Consistency c) Periodicity d) Matching	View Answer
	Ram purchased a car for Rs. 10,000paid Rs. 3,000 as cash and balance amount will be paid in three equal instalments. Due to this: a) Total assets increase by Rs. 10,000 b) Total liabilities increase by Rs. 3,000 c) Assets will increase by Rs. 7,000 with corresponding increase in liability by RS. 7,000 d) Both (b) and (c)	View Answer
	Which financial statement represents the accounting equation ASSETS= LIABILITIES+ OWNER'S EQUITY a) Income Statement b) Cash Flow Statement c) Balance Sheet d) Funds Flow Statement	View Answer
	Window dressing of Accounts means: a) Presenting accounts in beautiful manner b) Showing more losses to avoid income tax c) Showing more profits to attract investments d) All of the above	View Answer
	Ram starts business with Rs. 90,000 and then buys goods from Shyam on credit for Rs. 23,000. The accounting equation based on Assets= Capital + Liabilities will be: a) 1,13,000= 90,000+ 23,000 b) 1,13,000= 1,13,000+ 0 c) 90,000= 67,000 + 23,000 d) 67,000= 90,000 - 23,000	View Answer

Please Note: We keep on updating better answers to this site. In case you are looking for Jobs, Pls Click Here Vyoms.com - Best Freshers & Experienced Jobs Website.

View All Fundamentals of Accounting Interview Questions & Answers - Exam Mode / Learning Mode