
DPB10033 Accounting Concepts
Authored by AFIFAH (PMBS)
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11 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to the historical cost concept, how should a business record its activities?
Based on the market value at the end of the year.
Based on the cost value or actual price in source documents.
Based on the estimated future value.
Based on the value after depreciation.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main idea behind the prudence or conservatism principle?
To choose accounting methods that result in higher profits and assets.
To record revenue and expenses only after cash has been exchanged.
To be cautious and avoid overstating financial position by choosing methods that result in lower profits and assets.
To only record transactions that are certain to happen.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The consistency principle states that businesses must:
Change their accounting practices every year.
Adhere to rules and principles consistently and not change them without concrete reasons.
Use different methods to calculate closing inventory each period.
Only use one type of accounting method for all transactions.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The matching principle requires that:
Revenues and expenses are recorded when cash is exchanged.
Expenses are matched with their related revenues in the same accounting period, regardless of when cash is exchanged.
All expenses are recorded at the beginning of the accounting period.
All revenues are recorded at the end of the accounting period.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When are revenues recognized and recorded under the accrual concept?
When goods and services are sold or provided.
When cash is received.
When the accounting period ends.
When a customer books an order.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Materiality refers to:
The physical assets owned by a business.
The cost of materials used in production.
The relative importance or significance of an item or event.
The total value of all business transactions.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the separate business entity concept dictate?
A business's transactions and the owner's personal transactions must be kept separate.
The business's finances should be combined with the owner's personal finances.
Only the business owner's transactions need to be recorded.
A business and its owner are considered a single entity.
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