TY Accounting Module (Week 1)

Multiple Choice

A company's current depreciation method is straight line, they now want to change to the reducing balance method. What concept is being broken?

• Consistency

• Money Measurement

• Prudence

• Realisation

Fill in the Blanks

Poll

A company considers their high staff morale to be part of their success. Which concept decides what to do with this?

• Materiality

• Double Entry

• Entity

• Money Measurement

Fill in the Blanks

Poll

There are how many fundamental accounting concepts?

• 5

• 12

• 4

• 3

Fill in the Blanks

Poll

Office Equipment is an example of...

• Intangible Asset

• Current Asset

• Tangible Asset

• Financial Asset

Fill in the Blanks

Poll

There are how many types of assets?

• 4

• 2

• 3

• 1

Fill in the Blanks

Multiple Choice

Patents are an example of....

• Fixed Asset

• Current Asset

• Tangible Asset

• None of the above

Open Ended

Capital is....

Multiple Choice

Electricity Prepaid is an example of....

• Liability

• Asset

• Expense

• Gain

Multiple Choice

Rent (Receivable) Prepaid is an example of

• Gain

• Asset

• Liability

• Expense

Multiple Choice

Investment income is an example of...

• Gain

• Asset

• Expense

• Liability

Multiple Choice

Advertising bill for the year is an example of...

• Gain

• Liability

• Expense

• Asset