POA :)

the life of a business is divided into regular time intervals. name the accounting theory.

• monetary theory

• accounting period theory

• objectivity theory

• historical cost theory

there are 5 types of source documents

• true

• false

Answer explanation

there are 7 types of source documents but we haven’t learn two :P

jordan took toys worth $50 from the business to give to his son as a birthday gift. he did not record the transcation. explain using a suitable accounting theory what he should have done.

• according to the accounting period theory, all transactions are recorded from the point of view of the business. jordan should have recorded the transaction in the accounts of his business as drawings.

• according to the accounting entity theory, all transactions are recorded from the point of view of the business. jordan should have not recorded the transaction in the accounts of his business as drawings.

• according to the accounting entity theory, all transactions are recorded from the point of view of the business. jordan should have recorded the transaction in the accounts of his business as drawings.

• according to the accounting entity theory, all transactions are recorded from the point of view of the business. jordan should have recorded the transaction in the accounts of his business as capital.

a sole proprietorship is owned by one person who ______ to set up the sole proprietorship.

ayra fish shop paid a cheque of $3000 to its credit supplier, hana aquarium. which source document was used?

• credit note

• receipt

• debit note

• payment voucher

state the expanded accounting equation.

suggest a possible decision suppliers might make by using a business’ accounting information.

• whether to sell to the business on debit, depending on its ability to pay

• whether to sell to the business on credit, depending on its ability to pay

• whether to continue selling to the company

• whether to continue working at the company

humairah wants to employ accountants for her bank business. which of the following are the roles of an accountant.

• accountants provide stakeholders with accounting information.

• accountants set up the accounting information for stakeholders.

• accountants provide timely, crddible and relevant information.

• accountants are stewards of business.

accountants must have integrity as they have to be _______ in all professional relationships.