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Balance Day Adjustments

Authored by Daniela CHANDLER

Business

10th - 12th Grade

Used 59+ times

Balance Day Adjustments
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14 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The life of the business is divided into arbitrary time periods - this is known as

Matching Principle

Accounting Period Assumption

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Revenues which have been earned in the current accounting period but have not yet been paid or recorded.

Unearned Revenues

Accrued Revenues

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The difference between the revenues earned from the sale of goods and the cost of goods sold.

Gross Profit

Net Profit

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

A detailed expression of the accounting equation for a business at a certain point in time.

Statement of Profit or Loss

Statement of Financial Position

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

This is when revenue is shown in the records ie money than is earnt is recorded in the books.

Realising the Revenue

Recognising the Revenue

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

This Financial Year is between:

1 January 2019 - 31 December 2019

1 August 2018 - 31 July 20198

1 July 2018 - 30 June 2019

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Profit = revenues - expenses relates to the following accounting principle:

Profit Principle

Matching Principle

Earning Principle

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