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UPSC EPFO 2020: General Accounting Principles Quiz 3

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Question 1

Under which of the following accounting principles, revenue and related expenses must be recognized together in the same accounting period?

Question 2

According to which of the following principles of accounting, even the proprietor of a business is treated as creditor to the extent of his capital?

Question 3

ABC Ltd. follows the straight-line method of depreciating machinery year after year. Identify the correct accounting principle associated with this example.

Question 4

“Do not anticipate a profit, but provide for all possible losses.” is a phrase used to describe which of the following accounting principles?

Question 5

The concept which assumes that a business will last indefinitely is
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May 13Other State PSC