CA Exam Prep
Capital and Revenue Expenditure – CA Foundation Accounts Question 1.Capital ExpenditureAnswer:Capital Expenditure: Any amount spent by actual payment or for which a liability is incurred is known as an expenditure. Capital Expenditure is that expenditure which results in the acquisition of an asset (tangible or intangible) which can be later sold and converted into cash […]
Accounting Concepts, Principles and Conventions – CA Foundation Accounts Study Material Question 1.What are Accounting Concepts, Principles & Conventions?Answer:Usually, accounting theories are expressed (referred) as Postulates, Concepts, Principles, Doctrines, Axioms, Rules, Standard, Assumptions, Canon etc. These are basic assumptions & norms on which the whole system of accounting is developed. These gives the basic structure […]
Meaning and Scope of Accounting – CA Foundation Accounts Study Material Question 1.What do you mean by Accounting? Give its definition.Answer:According to AICPA, “Accounting” is the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of a financial character, and […]
Business Cycles CA Foundation MCQ Economics Chapter 5 1. The term business cycle refers to _________.(a) The ups and downs in production of commodities.(b) The fluctuating levels of economic activity over a period of time.(c) Decline in economic activities over prolonged period of time.(d) Increasing unemployment rate and diminishing rate of savings.Answer:(b) The fluctuating levels […]
Price Determination in Different Markets CA Foundation MCQ Economics Chapter 5 1. In Economics, the term ‘market’ refers to a:(a) place where buyer and seller bargain a product or service for a price(b) place where buyer does not bargain(c) place where seller does not bargain(d) none of the aboveAnswer:(a) place where buyer and seller bargain […]
Theory of Production and Cost CA Foundation MCQ Economics Chapter 3 1. What is Production is Economics:(a) Creating/Addition of Utility(b) Production of food grains(c) Creation of services(d) Manufacturing of goodsAnswer:(a) Creating/Addition of Utility 2. Which of the following is considered as production in economics?(a) Helping a blind person in crossing the road(b) Group dance […]
Theory of Demand and Supply CA Foundation MCQ Economics Chapter 2 1. Demand for a commodity refers to:(a) Desire backed by ability to pay for the commodity.(b) Need for the commodity and willingness to pay for it.(c) The quantity demanded of that commodity at a certain price.(d) The quantity of the commodity demanded at a […]
Nature and Scope of Business Economics CA Foundation MCQ Economics Chapter 1 1. The term ‘Economics’ owes its origin to the Greek word.(a) Aikonomia(b) Wikonornia(c) Oikonomia(d) None of the aboveAnswer:(c) Oikonomia 2. Adam Smith published his master piece “An enquiry into the nature and causes of wealth of nations” in the year __________.(a) 1776(b) 1786 […]
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