Accounting Principles Quiz

10 Questions  I  By Sjbruce
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Accounting Quizzes & Trivia
Revision of Accounting theory covered in Tutorial Number 1.

  
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Questions and Answers

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1.  The accounting period convention assumes that the life of a business is divided into _________ time periods.
2.  Proprietary companies are allowed to sell shares to the public.  True or False?
A.
B.
3.  Who is the body responsible for developing accounting standards in Australia?
A.
B.
4.  The monetary convention assumes that all transactions are recorded in a __________  monetary unit.
5.  Select the three different types of businesses that operate in Australia.
A.
B.
C.
D.
E.
6.  A service business sells _________ to the public.
7.  Which is the accounting method required to be used for Financial Statements in Australia?
A.
B.
8.  Who are the three main accounting bodies in Austrailia? 
A.
B.
C.
D.
9.  The accrual basis assumes that transactions are brought to account when they are __________  or incurred rather than received or paid.
10.  Reliable accounting information is information that is supported by  __________ documents.
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