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BAC1614_Quiz 1

Authored by Mohd Mustafa

Business

University

Used 2+ times

BAC1614_Quiz 1
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25 questions

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1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The accounting period of a business is separated into activitiess that help the business keep its accounting records in an orderly fashion.

Accounting Period Cycle

Source Document

Fiscal Year

None of the Above

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Jeff's Construction, LLC bought a piece of equipment in 2001 for P 10,000. Today this piece of equipment is only worth P 2,000. Jeff would still report the equipment at its purchase price of P 10,000, less depreciation, even though its current fair market value is only P 2,000.

Historical Principle
Business Entity
Accrual Principle
Adequate Disclosure Principle

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Concept: Financial information is reported for a specific period of time on financial statements.

Matching Expenses with Revenue
Accounting Period Cycle
Business Entity

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Concept: a business's records should never be mixed with an owner's personal records and reports

adequate disclosure

business entity

objective evidence

going concern

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Concept: When a business activity is large enough to impact business decisions, it should be recorded clearly in the financial statements

realization of revenue

materiality

unit of measurement

consistent reporting

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Concept: Financial statements are prepared with the expectation that business will remain in operation indefinately

going concern

materiality

accounting period cycle

matching revenue with expenses

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Concept: The same accounting procedures must be followed in the same way each accounting period

accounting period cycle

objective evidence

consistent reporting

materiality

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