Police Recruitment Exams - Sub-Inspector & Constable (State Police & Delhi Police)

Reasoning & Intelligence Quotient (IQ) question bank (Mental Aptitude & Reasoning (Mansik Abhiruchi))

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Q1.
[General Accounting Principles - Recruitment Question #1] Which fundamental accounting concept stipulates that revenue must be recognized in the accounting period in which it is earned, regardless of when cash is received?

(A)
Cost Historical Concept
(B)
Cash Basis Concept
(C)
Conservatism / Prudence Concept
(D)
Accrual Concept / Revenue Realization Principle
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Q2.
[General Accounting Principles - Recruitment Question #2] Which fundamental accounting concept stipulates that revenue must be recognized in the accounting period in which it is earned, regardless of when cash is received?

(A)
Cost Historical Concept
(B)
Conservatism / Prudence Concept
(C)
Cash Basis Concept
(D)
Accrual Concept / Revenue Realization Principle
Show answer & solution
Verified Answer & Solution Locked
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