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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.  Name one of the three different business types?
2.  The accounting period convention assumes that the life of a business is divided into _________ time periods.
3.  Reliable accounting information is information that is supported by  __________ documents.
4.  The accrual basis assumes that transactions are brought to account when they are __________  or incurred rather than received or paid.
5.  If a monetary value cannot be given to a transaction, then it cannot be recorded in the books.  True or False?
A.
B.
6.  The going concern convention assumes that the life of a business will continue indefinitely.  True or False?
A.
B.
7.  The cash basis assumes that transactions are recorded only when the _________  is received or paid.
8.  The Acccounting (or business) entity convention states that "business is a separate entity or body from the owner".  True or False?
A.
B.
9.  A trading or retail business sells _________ to the public.
10.  SAC stands for "Statement of ___________  concepts.
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