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Accounting Theory

Authored by Chee Lee

Other

5th - 6th Grade

Used 3+ times

Accounting Theory
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6 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Identify this accounting theory:

The life of a business is divided into regular time intervals.

Accounting Entity

Accounting Period

Accrual basis of accounting

Monetary

2.

FILL IN THE BLANK QUESTION

1 min • 5 pts

Identify this accounting theory: ________

Expenses incurred must be matched against income earned in the same period to determine the profit for that period

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Identify this accounting theory.

Business activities that have occurred, regardless of whether cash is paid or received, should be recorded in the relevant period.

Accounting Entity

Consistency

Going Concern

Accrual basis of accounting

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Identify this accounting theory.

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.

Accounting Entity

Objectivity

Historical Cost

Revenue Recognition

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Identify this accounting theory.

A business is assumed to have an indefinite economic life unless there is credible evidence that it may close down.

Monetary

Materiality

Going Concern

Consistency

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Identify this accounting theory.

Only business transactions that can be measured in monetary terms are recorded.

Monetary

Materiality

Matching

Objectivity

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