Accounting Principles Quiz

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

  
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1.  Proprietary companies are allowed to sell shares to the public.  True or False?
A.
B.
2.  Who are the three main accounting bodies in Austrailia? 
A.
B.
C.
D.
3.  SAC stands for "Statement of ___________  concepts.
4.  The accounting period convention assumes that the life of a business is divided into _________ time periods.
5.  Reliable accounting information is information that is supported by  __________ documents.
6.  A trading or retail business sells _________ to the public.
7.  The Acccounting (or business) entity convention states that "business is a separate entity or body from the owner".  True or False?
A.
B.
8.  Who is the body responsible for developing accounting standards in Australia?
A.
B.
9.  The accrual basis assumes that transactions are brought to account when they are __________  or incurred rather than received or paid.
10.  If a monetary value cannot be given to a transaction, then it cannot be recorded in the books.  True or False?
A.
B.
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