
EST REVIEW 2022
Authored by Sasha Thomas
Other
12th Grade
Used 1+ times

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24 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How many financial accounting conventions and principles are there?
5
4
7
6
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
This principles requires the owner of the business to keep their personal transactions separate from those of the buiness.
accounting entity
historical cost
monetary
materiality
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Requires all balance sheet assets to be valued at the origional cost.
historical cost
accounting period
monetary
materiality
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The accounting period assumption cannot be longer than...
12 months
3 months
1 month
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It is assumed that the business will continue indefinitely.
going concern
accounting entity
historical cost
accounting period
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A vehicle purchased for $15,000 five years ago is shown in the Balance Sheet at a cost of $15,000.
going concern
historical cost
accounting period
monetary
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Classify all the assets
cash in the till
mortgage
accounts receivable
cash in the bank
car loan
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