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

When an electricity bill for this year has not been paid. Which concept decides what is done with this?

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

A regular customer pays for a big order for next year. The company decides to include the profits in the accounts for this year even though the goods have not been passed to the customer. Which concept has been broken?

Poll

There are how many fundamental accounting concepts?

• 5

• 12

• 4

• 3

Fill in the Blanks

ASSETS and BLANK go in to the balance sheet

Poll

Office Equipment is an example of...

• Intangible Asset

• Current Asset

• Tangible Asset

• Financial Asset

Fill in the Blanks

A LIABILITY is something you

Poll

There are how many types of assets?

• 4

• 2

• 3

• 1

Fill in the Blanks

Customers who owe us money because they bought from us on credit

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

Fill in the Blanks

The Sales account has a DEBIT or CREDIT balance