ACCOUNTING

ACCOUNTING

University

18 Qs

quiz-placeholder

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ACCOUNTING

ACCOUNTING

Assessment

Quiz

Mathematics

University

Practice Problem

Hard

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18 questions

Show all answers

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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