Accounting concepts and theories FULL

Accounting Entity: The activities of a business is ______ from the actions of the owner. All transactions are recorded from the point of view of the business

• Different

• Separate

• Taken

• Received

Accounting Entity: The activities of a business is separate from the actions of the ______. All transactions are recorded from the point of view of the business

• Owner

• Customers

• Suppliers

• Management

Accounting Entity: The activities of a business is separate from the actions of the owner. All transactions are recorded from the point of view of the _______

• Owner

• Customers

• Suppliers

• Business

Accounting Entity: The activities of a business is separate from the actions of the owner. All transactions are recorded from the ________ of the business

• Platform

• Purpose

• Point of view

• Profit

Accounting period: The life of the business is ______ into regular time intervals

• Divided

• Setup

• Joined

• Limited

Accounting period: The life of the business is divided into ______ time intervals

• Separate

• Irregular

• Regular

• Many

Accounting period: The life of the business is divided into regular ______ intervals

• Stage

• Age

• Mixed

• Time

Accrual basis of accounting: Business activities that have _______, regardless of whether cash is paid or received, should be recorded in the relevant accounting period

• Finished

• Occurred

• Started

• Agreed

Accrual basis of accounting: Business activities that have occurred, ________ of whether cash is paid or received, should be recorded in the relevant accounting period

• Regardless

• Despite

• Except

• Inclusive

Accrual basis of accounting: Business activities that have occurred, regardless of whether cash is ________, should be recorded in the relevant accounting period

• Accepted

• Rejected

• Lost

• Paid or received