
CAPE Accounting
Quiz
•
Business
•
12th Grade
•
Practice Problem
•
Hard
Edward Jarrett
Used 11+ times
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21 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Assets=Liabilities-Owner's Equity is the accounting equation
TRUE
FALSE
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the:
3.
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
4.
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
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is owner's equity?
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who issues IFRS/IAS?
IASB
IFRS Foundation
IFRS Interpretation Committee
IFRS Advisory Council
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which is correct?
IAS1 Presentation of Financial Statements
IAS2 Presentation of Financial Statements
IFRS1 Presentation of Financial Statements
IFRS2 Presentation of Financial Statements
IFRS3 Presentation of Financial Statements
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