
ACCOUNTING
Quiz
•
Mathematics
•
University
•
Practice Problem
•
Hard
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18 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Accounting records the economic activities of a business and classifies them into useful categories
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The entity concept states that a company's transactions should not be accounted from separately to other entities
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The revenue recognition principle dictates that revenue should be recognized when payment is received, regardless of when goods or services are delivered
False
True
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Auditing is a branch of accounting that deals with the recording of business transactions and preparation of financial statements.
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The Stable Monetary Unit Concept assumes that the purchasing power of the peso remains stable over time, allowing for accurate financial recording.
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Cost accounting involves the collection, allocation, and control of the cost of producing goods and services.
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Liabilities represent obligations of the business to external parties and result in an outflow of resources embodying economic benefits.
True
False
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