ANSWERS TO THE CLASS 11 ASSESSMENT TEST 2 (CHAPTER 3 & 4)
30/ 04 /2020 Class 11 A & B Class Assessment 2 class 11 1.Which of the following equation is incorrect? 1.Capital = Assets - Liabilities 2.Liabilities = Assets + Capital 3. Liabilities = Assets - Capital 4. Assets = Capital + Liabilities Ans. 2 2. According to ______, irrelevant information or facts need to be disclosed. 1. Consistency 2. Matching 3. Going Concern 4. Material Ans. 4 3. Conservatism Principle takes into account: 1. All future profits and losses 2. All future profits and not losses 3. All future losses and not profits 4. Neither profits nor losses of the future Ans. 3 4. A concept that a business enterprise will not be sold or liquidated in near future is known as: 1 going concern 2economic activity 3monetary unit 4none of the above Ans. 1. 5 Identify the principle due to which the proprietor of a business is treated as creditor to the extent of his capital. 1.Money Measurement Principle 2. Dual Aspect ...