$69.$ Interpretation means

A$.$ Explanation of meaning and significance of the data in Financial Statements.

B$.$ Concerned with preparation and presentation of classified data

C$.$ Systematic analysis of recorded data

D$.$ Methodical classification of data given in Financial Statements.

$70.$ A trader purchases goods for Rs$.2500000,$ of these $70\%$ of goods were sold during the year. At the end of $31$st December $2009,$ the market value of such goods were Rs$.500000.$ But the trader recorded in his books for Rs$.750000.$ Which of the following concept is violated.

A$.$ Money measurement

B$.$ Conservatism

C$.$ Consistency

D$.$ None of these

$71.$ Which of the following is wrong?

A$.$ All real and personal accounts are transferred $$to balance sheet

B$.$ Nominal accounts are transferred to P & L account

C$.$ Each account is opened separately in ledger

D$.$ Rent is a personal account, outstanding rent is nominal account

$72.\_\_\_\_\_\_\_\_\_\_\_\_$is root cause for financial accounting

A$.$ Stewardship accounting

B$.$ Social accounting

C$.$ Management accounting

D$.$ Human resource accounting

$73.$ If nothing is given in the financial statements about the three accounting assumptions then it is to be treated as it

A$.$ Is assumed that it is not followed

B$.$ Is assumed to be followed

C$.$ Is assumed to be followed to some extent

D$.$ None of the above

$74.$ The proprietor of the business is treated as creditor for the capital introduced by him due to concept.

A$.$ Money measurement

B$.$ Cost

C$.$ Entity

D$.$ Dual aspect

$75.$ Fixed assets are held by business for

A$.$ Converting into cash

B$.$ Generating revenue

C$.$ Resale

D$.$ None of the above

$76.$ Which accounting concept specifies the practice of crediting closing stock to the trading account?

A$.$ Cost

B$.$ Realization

C$.$ Going concern

D$.$ Matching

$77.$ Amount spent to increasing the earning capacity is a expenditure

A$.$ Capital

B$.$ Revenue

C$.$ Deferred revenue

D$.$ Capital Loss

$78.$ Change in the capital A$/$c of proprietor may occur due to

A$.$ Profit earned

B$.$ Loss incurred

C$.$ Capital Introduced

D$.$ All of the above

$79.$ Consistency with reference to application of accounting procedures means

A$.$ All companies in the same Industry should use identical accounting procedures

B$.$ Income & assets have not been overstated

C$.$ Accounting methods & procedures shall be followed uniform basis year after year

D$.$ Any accounting method can be followed as per convenience

$80.$ If one of the cars purchased by a car dealer is used for business purpose, instead of resale, then it should be recorded by

A$.$ Dr Drawing A$/$c & Cr Purchases A$/$c

B$.$ Dr Office Expenses A$/$c & Cr Motor Car A$/$c

C$.$ Dr Motor Car A$/$c & Cr Purchases A$/$c

D$.$ Dr Motor Car & Cr Sales A$/$c