Accounting recap

Accounting recap

11th Grade

10 Qs

quiz-placeholder

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Accounting recap

Accounting recap

Assessment

Quiz

Business

11th Grade

Practice Problem

Medium

Created by

Ishara Ali

Used 2+ times

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10 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

What are the principles behind the accounting standards?

Reliability

Going concern

Comparability

Equality

2.

FILL IN THE BLANK QUESTION

1 min • 1 pt

---------- -------- are the "proper" way of recording and presenting accounting transactions.

3.

OPEN ENDED QUESTION

3 mins • 1 pt

Why might a business need to retain proof of transactions?

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Answer explanation

Proof needs to retained as a legal requirement, tax purposes, in the event of returns and accounts preparation.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does sale on credit mean?

Goods are sold but payment is not yet received

A credit card is sold

Goods are sold

Payment for goods sold is made by credit card

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The consistency concept means that

businesses must be consistent in paying creditors

the accounting formats must be consistent

the accounting treatment must be consistent

6.

FILL IN THE BLANK QUESTION

1 min • 1 pt

refers to when an expense or income is paid in advance

7.

FILL IN THE BLANK QUESTION

1 min • 1 pt

refers to when an income or expense has not been paid or received during the financial period

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