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Accounting Principles Quiz

10 Questions  I  By Sjbruce
Accounting Principles Quiz
Revision of Accounting theory covered in Tutorial Number 1.

  
Changes are done, please start the quiz.


Question Excerpt

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1.  Who is the body responsible for developing accounting standards in Australia?
A.
B.
2.  Proprietary companies are allowed to sell shares to the public.  True or False?
A.
B.
3.  The Acccounting (or business) entity convention states that "business is a separate entity or body from the owner".  True or False?
A.
B.
4.  The accounting period convention assumes that the life of a business is divided into _________ time periods.
5.  A service business sells _________ to the public.
6.  If a monetary value cannot be given to a transaction, then it cannot be recorded in the books.  True or False?
A.
B.
7.  Select the three different types of businesses that operate in Australia.
A.
B.
C.
D.
E.
8.  In a Government department, for materiality, it would be important to ensure that paper clips and pins are counted at the end of the financial year.  True or False?
A.
B.
9.  The monetary convention assumes that all transactions are recorded in a __________  monetary unit.
10.  Public Companies are not listed on the Australian Stock Exchange.  True or False?
A.
B.
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