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Boot Camp 1

Authored by Donal Reilly

Business

9th Grade

Used 4+ times

Boot Camp 1
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10 questions

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1.

MULTIPLE SELECT QUESTION

1 min • 1 pt

Which of the following are deemed expenses in a business?

Purchases

Sales

Wages & Salaries

Rental Income

2.

MULTIPLE SELECT QUESTION

1 min • 1 pt

Which of the following are types of income in a business?

Sales

Discounts received

Investment Income

Light & Heat

3.

FILL IN THE BLANK QUESTION

1 min • 1 pt

The ________ concept regards the business as having its own identity which is separate and distinct from the owners

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Legal requirement for businesses to prepare financial statements.

Financial Accounting

Managerial Accounting

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

We assume the business will continue trading into the future

Going Concern

Accruals

Consistency

Prudence

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

We use the same approach from one period to the next so that results can be compared

Going Concern

Accruals

Consistency

Prudence

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Accountants should act cautiously is know as the ______ concept

Going Concern

Accruals

Consistency

Prudence

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