REVISION TOPIC 1

1. The business successfully applies the separate entity concept.

• The age of record-keeping

• The birth of double entry

• The age of stagnation

• The age of scientific accounting

• 21st century

2. The shareholders start to create a conflict of interest with the businesses.

• The age of record-keeping

• The birth of double entry

• The age of stagnation

• The age of scientific accounting

• 21st century

3. There is no preparation of financial statements by the company.

• The age of record-keeping

• The birth of double entry

• The age of stagnation

• The age of scientific accounting

• 21st century

4. Digital reporting will reduce the cost of printing.

• The age of record-keeping

• The birth of double entry

• The age of stagnation

• The age of scientific accounting

• 21st century

5. The profit and loss account is to provide the returns to the owner when there is a need for the new ledger.

• The age of record-keeping

• The birth of double entry

• The age of stagnation

• The age of scientific accounting

• 21st century

6. The declaration of the assets' ownership needed in the systematic recording.

• The age of record-keeping

• The birth of double entry

• The age of stagnation

• The age of scientific accounting

• 21st century

7. The company starts to balance between financial and non-financial performance.

• The age of record-keeping

• The birth of double entry

• The age of stagnation

• The age of scientific accounting

• 21st century

8. The company did not declare any unrecoverable debt in the financial statements.

• The age of record-keeping

• The birth of double entry

• The age of stagnation

• The age of scientific accounting

• 21st century

9. There is limited information on the recording that leads to the limitation to analyze the company's performance.

• The age of record-keeping

• The birth of double entry

• The age of stagnation

• The age of scientific accounting

• 21st century

10. The fixed assets were properly recognized based on value, rate, and depreciation methods.

• The age of record-keeping

• The birth of double entry

• The age of stagnation

• The age of scientific accounting

• 21st century