Font size
WorksheetsIntroduction to Accounting and Accounting Ethics and Concepts
Total questions: 45
Worksheet time: 2hrs 59mins
Which of the following is not part of accounting
Summarizing data
Recording transactions
Interpreting Financial Statements
Sharing accounting data with other businesses
Which of the following allows a business to be successful?
Making a loss
Making a profit
Making constant profit
Making constant loss
What is book-keeping?
A person who uses accounting information that is not part of the business is known as...
(a)
The name of a person who has interest in your business and is willing to put their money as contribution to your business with a hope of making a return is called ...
(a)
A business where there is one owner is known as a
Partnership
Company
Sole Trader
Entrepreneur
Which of the following jobs can be obtained without an accounting degree or qualification?
Bank Clerk
Accounts assistant
Book-keeper
Consultant
What is the difference between ethics and professional ethics
Which of the following are fundamental principles of ethical behavior?
Integrity
Objectivity
Fraud
Subjectivity
What is the difference between being objective and subjective?
Which of the following is not an internal user of accounting information?
Owner
Managers
Employees
Government
Consistency means you choose different accounting methods each year. True or False
True
False
Being cautious in accounting especially with reporting profits is called
(a)
When you are expected to remain in operation for a long time or far into the future it is called
(a)
When revenues are greater than expenses it means that the business is making a
Profit
Loss
Break even
Sale
When the money earned is equal to what was spent it is called...
Profit Margin
Sale
Loss
Break even
A business that does not focus on making profits but instead provides a benefit to members is called
(a)
What are 2 consequences or penalties of inappropriate application of accounting principles?
A motor car cost $30,000 and this was the amount recorded in our books this shows that we are applying which concept
Historical cost
Matching
Dual aspect
consistency
The concept that pertains to these two facts: there is a monetary value for any transaction and that a transaction can be measured in money.
(a)
The difference between ethics and legality is the fact one pertains to right and wrong decisions while the other is punishable by law is this true or false?
True
False
The IESBA Code of Ethics are as follows:
Integrity
Objectivity
Professional competence and due care
Confidentiality
Professional behavior
True
False
Is treating people with respect and courtesy an example of an ethical principle that should be adhered to in the workplace?
Yes
No
Is causing conflict in the workplace an example of an appropriate ethical principle?
Yes
No
Which of the following are results of inappropriate application of account principles?
Fines/Imprisonment
Termination of contract
Loss of trust and integrity
A bonus
Which of the following is not an example of an accounting concept or convention
Prudence
Matching Concept
Profitability
Historical cost concept
Which of the following is an example of an accounting concept or convention?
Money measurement
Profitability
Capital Investment
Costing
Which of the following is not a formal business structure?
Partnership
Companies
Sole Traders
Farmer
Define Accounting
Give 1 reason why you think a partnership is better than a sole trader business
When recording items of importance and not trivial resources we call this concept:
(a)
Give any 2 reasons why accounting is important in business
Examples of the following users of accounting information all fall under what name?
Employees, Managers and Owners
(a)
When expenses are matched to revenues as they incur is called what concept?
(a)
The following formula is found under which concept?
Assets= Capital + Liabilities
(a)
Write out all the parts of the accounting cycle
The first part of the accounting cycle is:
Analyzing Source Documents
Ledgers
Journalizing
Adjusting entries
The second part of the accounting cycle is:
Analyzing source documents
Journalizing
Ledger entries
Adjusting Entries
An auditor, company accountant and a financial consultant all require educational degrees or certificates in order to obtain these job positions. Is this True or False?
True
False
Extracting a Trial balance is NOT PART of the Accounting Cycle is this True or False?
True
False
Which of the following persons uses accounting information to decide whether they should risk putting money into a company in hopes of making a return
Investor
Shareholder
Owner
Manager
What is the name of the user of accounting information that ensures that the business is paying taxes and not taking part in any illegal activities?
Investor
Owner
Government
Manager
Employees are classed as what type of user of accounting information?
External
Internal
Financial
Non financial
Accounting concepts and conventions are used in preparing financial statements of a business. (a) Briefly explain any three of the following concepts: (i) going concern (ii) accruals (iii) consistency (iv) prudence.
What are some features of a sole trader business?
