Basic Accounting Concepts and Principles

Basic Accounting Concepts and Principles

9th Grade

12 Qs

quiz-placeholder

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Basic Accounting Concepts and Principles

Basic Accounting Concepts and Principles

Assessment

Quiz

Other

9th Grade

Practice Problem

Easy

Created by

Saidatol Alias

Used 2+ times

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12 questions

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1.

FILL IN THE BLANK QUESTION

1 min • 1 pt

A company records a building at its original purchase price of RM500,000, even though its market value has appreciated to RM750,000. Which accounting concept is the company applying?

2.

FILL IN THE BLANK QUESTION

1 min • 1 pt

A company incurs expenses related to its revenue in a specific period and records those expenses in the same period as the revenue. Which accounting concept is being applied?

3.

FILL IN THE BLANK QUESTION

1 min • 1 pt

The owner of a small business withdraws $10,000 for personal use. The accountant records this withdrawal separately from the business's financial transactions. Which accounting concept is being followed?

4.

FILL IN THE BLANK QUESTION

1 min • 1 pt

A company prepares its financial statements every quarter, ensuring that financial results are reported periodically. Which accounting concept does this practice represent?

5.

FILL IN THE BLANK QUESTION

1 min • 1 pt

A company recognizes revenue from a sale only when the goods are delivered to the customer, even if the payment is received in advance. Which accounting concept is the company applying?

6.

FILL IN THE BLANK QUESTION

1 min • 1 pt

Every financial transaction in a company is recorded with equal debit and credit entries, ensuring that the accounting equation (Assets = Liabilities + Equity) always balances. Which accounting concept is being followed?

7.

FILL IN THE BLANK QUESTION

1 min • 1 pt

A company chooses not to record a small expense that is deemed insignificant to the overall financial statements. Which accounting concept is being applied?

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