Cost concept basically recognizes a) Fair Market Value b) Historical Cost c) Realisable Value d) Rep - (b) Historical Cost Description: The cost concept basically recognises historical cost or the acquisition cost of the asset. The value of an asset is to be determined on the basis of historical cost. - 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: Cost concept basically recognizes a) Fair Market Value b) Historical Cost c) Realisable Value d) Replacement Cost

Answer: (b) Historical Cost
Description: The cost concept basically recognises historical cost or the acquisition cost of the asset. The value of an asset is to be determined on the basis of historical cost.

Category	Fundamentals of Accounting Interview Questions & Answers - Exam Mode / Learning Mode
Rating	(0.2) By 8534 users
Added on	7/21/2016
Views	66830
Rate it!

Question: Cost concept basically recognizes a) Fair Market Value b) Historical Cost c) Realisable Value d) Replacement Cost

Answer:

(b) Historical Cost
Description: The cost concept basically recognises historical cost or the acquisition cost of the asset. The value of an asset is to be determined on the basis of historical cost. 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
	According to which concept the owner of an enterprise pays the "interest on drawings"? a) Accrual concept b) Conservatism concept c) Entity concept d) Dual Aspect concept	View Answer
	What do you mean by Conservatism in Accounts?	View Answer
	Explain What are the events in Screen Programming?	View Answer
	Explain What is an RFC?	View Answer
	What is the objective of conservatism? (a) Anticipate profits but not losses (b) Anticipate losses but not profits (c) Anticipate both profits and loses (d) Anticipate income	View Answer
	Outstanding expenses is included in Profit & Loss A/c at the year end according to which concept? a) Matching b) Full disclosure c) Accrual d) Going Concern	View Answer
	Debtors- Rs. 50,000. A provision for bad debt is created at 5% according to which concept? a) Conservatism b) Matching c) Accrual d) Dual Aspect	View Answer
	The three fundamental accounting assumptions are? (i) Going Concerns (ii) Financial Transaction (iii) Consistency (iv) Accrual	View Answer
	What are the commands used for interactive reports?	View Answer
	What is the effect on the Net Assets if cash is received from debtors of Rs. 50,000? a) Increase b) Decrease c) No change d) None of these	View Answer
	An asset was purchased for Rs. 6,60,000. Cash was paid Rs. 1,20,000 and for the balance a bill was drawn for 60 days. What will be the effect on fixed assets? a) Rs. 1,20,000 b) Rs. 5,40,000 c) Rs. 6,60,000 d) Nil	View Answer
	Which concept requires that those transactions which can be measured in terms of money are recorded in books of account?	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

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