WorksheetsIntroduction to Principles of Accounting
Total questions: 15
Worksheet time: 8mins
Book-keeping is the process of recording...
transactions in books of accounts or by using a computerized system
everything that takes place in a business.
money spent every day.
how much money is paid to workers.
Accounting is the process that involves
revealing how much money is in the bank
budgeting what will be spent only
reporting to stakeholders about potential profits
preparing/presenting, analysing and interpreting financial statements
Which of the following are accounting concept and principles?
Please click on the ones you think are right.
Historical cost
Conservatism
Conjuction
Accounting period
Separate Business Entity define as
A business and its owner are two separate entities. The business’s transactions must be accounted separately from the owner’s transactions
It is assumed that a business will continue to expand and operate in the future without being closed or sold.
Business activities can be divided into specific periods for example a month, a quarter, six months or a year.
"Haziq Enterprise purchases a van for $80,000. For the next year the price of the lorry was reduce to $75,000. The value must be recorded is $80,000 because it is a cost value."
The above statement referring to which account principles..
Going Concern
Historical Cost
Objectivity
Full Disclosure
Business should report relevant, reliable, timely, unbiased and free from mistakes or errors information about the business activities.
Full Disclosure
Objectivity
Matching
Conservatism
Objectivity is the objective that company should achieve in certain accounting period.
True
False
Which of the following are not the internal user of accounting information?
Manager
Financial institutions
Business owners
Current investor
Which of the following is the external user of accounting information?
Manager
Financial institutions
Business owners
Current investor
Which of the following is the internal user of accounting information?
Manager
Financial institutions
Business owners
Current investor
The amount of cash paid in acquiring an asset is called
Present Value
Historical Value
Net Realizable Value
Current Replacement Value
Which is the most important feature of Book Keeping?
Recording Songs
Finding out the profit
Recording Transactions
Summarising the Transactions
Which is the most important feature of Book Keeping?
Recording Songs
Finding out the profit
Recording Transactions
Summarising the Transactions
Which of the following are ethical principles of accounting?
I. confidentiality
II. integrity
III. trustworthiness
I and II only
I and III only
II and III only
I, II and III
The state of mind that permits the expression of a conclusion without being affected by influences that compromise professional judgement, thereby allowing an individual to act with integrity and exercise objectivity and professional scepticism, is called:
Professional Behaviour
Objectivity
Independence in appearance
Independence of mind
