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Basic Accounting Concepts and Principles

Authored by Saidatol Alias

Other

9th Grade

Used 2+ times

Basic Accounting Concepts and Principles
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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.

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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.

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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.

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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.

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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.

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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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