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WorksheetsLecture 1&2 ACC1014
Total questions: 10
Worksheet time: 10mins
Which one of the following can the accounting equation be rewritten as?
Assets + Liabilities = Capital
Assets - Capital = Liabilities
Assets = Liabilities - Capital
Assets = Capital - Liabilities
Which of the following is considered as an external user of accounting information? (more than one choice)
Banks
Government
Managers
Shareholders
Which of these are considered as the main areas of accounting?
Financial Accounting
Inventory Accounting
Management Accounting
Record Keeping
Which party is charged with the governance of the company?
Directors
Government
Shareholders
Investors
Sales revenue should be recognized when goods and services have been supplied to the customer; cost are incurred when goods and services have been received.
Which accounting concept governs the above
The business entity concept
The materiality concept
The accruals concept
The duality concept
Which accounting concept should be considered if the owner of a business takes goods from inventory for their own personal use?
The materiality concept
The accruals concept
The going concern concept
The business entity concept
Which type of financial statement is displayed in the shown image?
Income Statement
Balance Sheet
Cash Flow Statement
Statement of Change in Equity
List down the stages of the accounting process
Which of the following is NOT a type of ledger book?
Cash Ledger
Sales Ledger
General Ledger
Purchase Ledger
Do you guys have any questions about the quiz?
