POA (Revision)

Front

Cash discount encourages credit customers to pay _ _ _ _ _ , within a specified time.

Back

early

Front

The activities of a business are separate from the actions of the owner. All transactions are recorded from the point of view of the business. This refers to

Back

Accounting entity theory

Front

When credit customers pay early, the business gives cash discount to the credit customers. Hence, ____ is an expense to the business.

Back

Discount allowed

Front

Discount ________ is when the business pays early and receives cash discount from its credit suppliers. Hence, it is an income to the business.

Back

received

Front

Which of the following is NOT a form of Business Ownerships? Options: Shareholder unlimited Company, Limited Liability Partnership, Sole Proprietorship, Private Limited Company

Back

Shareholder unlimited Company

Front

Stakeholder: ___________ sell similar goods and/or services as the business.

Back

Competitors

Front

Which of the following describes the owners and shareholders interactions with the business?

Back

Contribute Capital to the business and expect profit distribution in return.

Front

________ theory suggests that only business transactions that can be measured in monetary terms are recorded.

Back

Monetary

Front

Based on the ____ theory, transactions should be recorded at their original costs.

Back

Historical Cost

Front

____ ____ theory suggests that a business is assumed to have an indefinite economic life unless there is credible evidence that it may close down.

Back

Going concern