POA_Chapter 5: Accounting Period (2020)

__________________ theory states that a business is assumed to have indefinite economic life unless there is credible evidence that it may close down

• Accounting entity

• Accounting period

• Going concern

• Historical cost

__________________theory states that the life of a business is divided into regular time interval.

• Accounting entity

• Accounting period

• Going concern

• Historical cost

What is the month after April?

• March

• February

• June

• May

How many days are there in the month of July?

• 28

• 29

• 30

• 31

What is the month before October?

• August

• November

• September

• December

How many days are there in the month of March?

• 31

• 30

• 29

• 28

How many days are there in the month of November?

• 29

• 30

• 31

End date for the year starting 1 January 2020

• 31 December 2019

• 31 December 2020

• 30 December 2021

• 31 December 2021

Start date for the year ended 31 December 2019

• 1 January 2018

• 1 January 2019

• 1 January 2020

• 1 January 2021

Start date for the year ended 30 June 2019

• 1 January 2018

• 1 January 2019

• 1 July 2018

• 1 July 2019