Class XII Accountancy
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Questions and Answers

Which of the following is a fundamental accounting principle?

  • Revenue recognition
  • Conservatism
  • Profit maximization
  • Economic entity assumption (correct)

    • What is the purpose of a trial balance?

  • To calculate the total assets of a business
  • To determine the net income or loss
  • To identify errors in the accounting records (correct)
  • To prepare financial statements

    • Which financial statement reports the financial position of a company at a specific point in time?

  • Balance sheet (correct)
  • Statement of cash flows
  • Income statement
  • Statement of changes in equity

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