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Accounting concepts

Authored by Louise Roberts

Business

12th Grade

Used 15+ times

Accounting concepts
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12 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Expenses & income are matched to the time period when they should have been incurred or received

Business entity

Consistency

Accruals

Going Concern

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accounting policies should not be changed unless there is good reason to do so.

Business entity

Consistency

Accruals

Going Concern

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Personal assets and liabilities of the owner of a business should not be included in the business's financial statements

Business entity

Consistency

Accruals

Going Concern

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Money is used to record and report all business transactions

Cost

Money Measurement

Duality

Materiality

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All financial transactions have 2 equal and opposite entries.

Cost

Money Measurement

Duality

Materiality

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Items with a low monetary value are recorded in the financial statements, but not separately.

Cost

Money Measurement

Duality

Materiality

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Inventory is valued at the lower of ...

Cost and net realisable value, following the accruals concept

Cost and net realisable value, following the materiality concept

Cost and net realisable value, following the realisation concept

Cost and net realisable value, following the prudence concept

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