Boot Camp 1

Which of the following are deemed expenses in a business?

• Purchases

• Sales

• Wages & Salaries

• Rental Income

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

• Sales

• Discounts received

• Investment Income

• Light & Heat

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

Legal requirement for businesses to prepare financial statements.

• Financial Accounting

• Managerial Accounting

We assume the business will continue trading into the future

• Going Concern

• Accruals

• Consistency

• Prudence

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

• Going Concern

• Accruals

• Consistency

• Prudence

Accountants should act cautiously is know as the ______ concept

• Going Concern

• Accruals

• Consistency

• Prudence

This type of accounting is not legally required but is considered best practice.

• Managerial Accounting

• Financial Accounting

• Accruals

• Consistency

Financial accounting focuses on the ______

• Past

• Present

• Future

• A galaxy far far away....

Managerial accounting focuses on _______

• Past events

• Present events

• Future events

• Why Limerick have the best hurling team of all time.