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280. The cost of a small calculator is treated as an expense and not shown as an asset in a financial statement of a business entity due to

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Materiality concept
Matching concept
Periodicity concept
Conservatism concept
✅ The correct answer is A.
The cost of a small calculator is treated as an expense and not shown as an asset in a financial statement of a business entity due to Materiality concept. The materiality concept refers to a situation where the financial information of a company is considered to be material from the point of view of the preparation of the financial statements if it has the potential to alter the view or opinion of a reasonable person.

2945. One-man-one-vote – is the principle adopted by ________.

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Partnership
Joint Stock Companies
Co-operative Societies
Sole proprietorship
✅ The correct answer is C.
One-man-one-vote – is the principle adopted by Co-operative Societies. A cooperative society is formally used by people with limited means. The principle of one man one vote discourages members to invest large amounts in the society.

2947. Cost of operating activity, facility or any cost object which usually shares by two or more than two users is classified as

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bundled cost
common cost
stand-alone cost
incremental cost
✅ The correct answer is B.
Cost of operating activity, facility or any cost object which usually shares by two or more than two users is classified as common cost. A common cost is a cost that is not attributable to a specific cost object, such as a product or process.

2948. In a standard insurance policy document, the standard provisions section will have information on which of the following?

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Date of commencement, date of maturity and due date of last premium
Name of the nominee
The rights and privileges and other conditions which are applicable under the contract
The signature of the authorized signatory and policy stamp
✅ The correct answer is C.
In a standard insurance policy document, the standard provisions section will have information on the rights and privileges and other conditions which are applicable under the contract.

2951. Universal Life Insurance is associated with

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Universal Life Insurance is associated with Germany
Universal Life plan was first introduced in the UK
France is the home of universal Life policies
USA is known for introducing such policies
✅ The correct answer is D.
Universal life insurance (often shortened to UL) is a type of cash value life insurance, sold primarily in the United States. Under the terms of the policy, the excess of premium payments above the current cost of insurance is credited to the cash value of the policy, which is credited each month with interest.