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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Questions and Answers

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1.  A trading or retail business sells _________ to the public.
2.  Who are the three main accounting bodies in Austrailia? 
A.
B.
C.
D.
3.  SAC stands for "Statement of ___________  concepts.
4.  Which is the accounting method required to be used for Financial Statements in Australia?
A.
B.
5.  Name one of the three different business types?
6.  The Acccounting (or business) entity convention states that "business is a separate entity or body from the owner".  True or False?
A.
B.
7.  A service business sells _________ to the public.
8.  Proprietary companies are allowed to sell shares to the public.  True or False?
A.
B.
9.  The accrual basis assumes that transactions are brought to account when they are __________  or incurred rather than received or paid.
10.  The cash basis assumes that transactions are recorded only when the _________  is received or paid.
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