Lecture 1&2 ACC1014

Which one of the following can the accounting equation be rewritten as?

• Assets + Liabilities = Capital

• Assets - Capital = Liabilities

• Assets = Liabilities - Capital

• Assets = Capital - Liabilities

Which of the following is considered as an external user of accounting information? (more than one choice)

• Banks

• Government

• Managers

• Shareholders

Which of these are considered as the main areas of accounting?

• Financial Accounting

• Inventory Accounting

• Management Accounting

• Record Keeping

Which party is charged with the governance of the company?

• Directors

• Government

• Shareholders

• Investors

Sales revenue should be recognized when goods and services have been supplied to the customer; cost are incurred when goods and services have been received.

Which accounting concept governs the above

• The business entity concept

• The materiality concept

• The accruals concept

• The duality concept

Which accounting concept should be considered if the owner of a business takes goods from inventory for their own personal use?

• The materiality concept

• The accruals concept

• The going concern concept

• The business entity concept

Which type of financial statement is displayed in the shown image?

• Income Statement

• Balance Sheet

• Cash Flow Statement

• Statement of Change in Equity

List down the stages of the accounting process

Which of the following is NOT a type of ledger book?

• Cash Ledger

• Sales Ledger

• General Ledger

• Purchase Ledger

Do you guys have any questions about the quiz?