Accounting Concepts
Authored by Jeune Baciles
Business
11th Grade
Used 215+ times
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9 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Transactions are recorded in the period in which they occur.
Business Entity Concept
Going Concern Assumption
Accrual Basis
Periodicity
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The enterprise will continue to operate in the foreseeable future.
Business Entity Concept
Going Concern Assumption
Accrual Basis
Periodicity
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The properties of the owner should be separated from the properties of the business.
Business Entity Concept
Going Concern Assumption
Accrual Basis
Periodicity
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The life of the business can be divided into artificial time period.
Business Entity Concept
Going Concern Assumption
Accrual Basis
Periodicity
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a current asset?
Land
Building
Cash
Machinery
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
These are assets purchased for long term use and are not likely to be converted quickly into cash.
Current Assets
Non-Current Liability
Fixed Assets
Curren Liability
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
These are long-term liability.
Current Assets
Non-Current Liability
Fixed Assets
Curren Liability
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