BBFA 1043 T5 Accounting concept Part 3
Authored by Kok Siew
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5 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Match the answer :
a. Accounting entity
i. It supports verifiable evidence for the occurrence of any business transactions
ii. Use of a common unit of measurement of reporting financial activity
iii. Profit should not be overstated and losses should not be understated
iv. Usual basis of recording assets
v. Define which transaction should or should not be reported in books of the business
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Match the answer :
b. Historical cost
i. It supports verifiable evidence for the occurrence of any business transactions
ii. Use of a common unit of measurement of reporting financial activity
iii. Profit should not be overstated and losses should not be understated
iv. Usual basis of recording assets
v. Define which transaction should or should not be reported in books of the business
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Match the answer :
c. Objectivity
i. It supports verifiable evidence for the occurrence of any business transactions
ii. Use of a common unit of measurement of reporting financial activity
iii. Profit should not be overstated and losses should not be understated
iv. Usual basis of recording assets
v. Define which transaction should or should not be reported in books of the business
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Match the answer :
d. Money measurement
i. It supports verifiable evidence for the occurrence of any business transactions
ii. Use of a common unit of measurement of reporting financial activity
iii. Profit should not be overstated and losses should not be understated
iv. Usual basis of recording assets
v. Define which transaction should or should not be reported in books of the business
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Match the answer :
e. Prudence
i. It supports verifiable evidence for the occurrence of any business transactions
ii. Use of a common unit of measurement of reporting financial activity
iii. Profit should not be overstated and losses should not be understated
iv. Usual basis of recording assets
v. Define which transaction should or should not be reported in books of the business
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