EPFO & Central Regulatory Recruitment (EO / AO & APFC)

Industrial Relations & Labor Legislation question bank (General Accounting Principles & Industrial Relations)

Practice 5,054 free EPFO & Central Regulatory Recruitment (EO / AO & APFC) General Accounting Principles & Industrial Relations - Industrial Relations & Labor Legislation questions with answers and step-by-step solutions.

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Q1.
[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)
Cash Basis Concept
(C)
Accrual Concept / Revenue Realization Principle
(D)
Conservatism / Prudence Concept
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Q2.
[General Accounting Principles - Recruitment Question #4] 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)
Conservatism / Prudence Concept
(B)
Cash Basis Concept
(C)
Accrual Concept / Revenue Realization Principle
(D)
Cost Historical Concept
Show answer & solution
Verified Answer & Solution Locked
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