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. 
    Who are the three main accounting bodies in Austrailia? 
    • A. 

      CPA Australia

    • B. 

      National Accountants of Australia

    • C. 

      Institute of Chartered Accountants

    • D. 

      National Institute of Accountants


  • 2. 
    Name one of the three different business types?

  • 3. 
    The cash basis assumes that transactions are recorded only when the _________  is received or paid.

  • 4. 
    Which is the accounting method required to be used for Financial Statements in Australia?
    • A. 

      Cash

    • B. 

      Accrual


  • 5. 
    Select the three different types of businesses that operate in Australia.
    • A. 

      Sole trader

    • B. 

      Service

    • C. 

      Company

    • D. 

      Partnership

    • E. 

      Government


  • 6. 
    Proprietary companies are allowed to sell shares to the public.  True or False?
    • A. 

      True

    • B. 

      False


  • 7. 
    The going concern convention assumes that the life of a business will continue indefinitely.  True or False?
    • A. 

      True

    • B. 

      False


  • 8. 
    The accounting period convention assumes that the life of a business is divided into _________ time periods.

  • 9. 
    Select from the following list those words which describe the characteristics of financial information.
    • A. 

      Accounting entity

    • B. 

      Consistency

    • C. 

      Disclosure

    • D. 

      Accounting period

    • E. 

      Materiality

    • F. 

      Going concern

    • G. 

      Reliability


  • 10. 
    Who is the body responsible for developing accounting standards in Australia?
    • A. 

      AASB

    • B. 

      IASB


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