
Grace_AccountingTheories_Identification
Business
12th Grade
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12 questions
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1.
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1 min • 1 pt
The activities of a business are separate from the actions of the owner. All transactions are recorded from the point of view of the business.
2.
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30 sec • 1 pt
The life of a business is divided into regular time intervals.
3.
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1 min • 1 pt
Business activities that have occurred, regardless of whether cash is paid or received, should be recorded in the relevant accounting period.
4.
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1 min • 1 pt
Once an accounting method is chosen, this method should be applied to all future accounting periods to enable meaningful comparison.
5.
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1 min • 1 pt
A business is assumed to have an indefinite economic life unless there is credible evidence that it may close down.
6.
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1 min • 1 pt
Transactions should be recorded at their original cost
7.
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1 min • 1 pt
Expenses incurred must be matched against income earned in the same period to determine the profit for that period.
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