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Accounting Principles Quiz

10 Questions  I  By Sjbruce
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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.  The Acccounting (or business) entity convention states that "business is a separate entity or body from the owner".  True or False?
A.
B.
3.  Proprietary companies are allowed to sell shares to the public.  True or False?
A.
B.
4.  Who are the three main accounting bodies in Austrailia? 
A.
B.
C.
D.
5.  The accrual basis assumes that transactions are brought to account when they are __________  or incurred rather than received or paid.
6.  The accounting period convention assumes that the life of a business is divided into _________ time periods.
7.  The monetary convention assumes that all transactions are recorded in a __________  monetary unit.
8.  Select from the following list those words which describe the characteristics of financial information.
A.
B.
C.
D.
E.
F.
G.
9.  The going concern convention assumes that the life of a business will continue indefinitely.  True or False?
A.
B.
10.  Select the three different types of businesses that operate in Australia.
A.
B.
C.
D.
E.
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