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.  In a Government department, for materiality, it would be important to ensure that paper clips and pins are counted at the end of the financial year.  True or False?
A.
B.
2.  Proprietary companies are allowed to sell shares to the public.  True or False?
A.
B.
3.  The accounting period convention assumes that the life of a business is divided into _________ time periods.
4.  Who is the body responsible for developing accounting standards in Australia?
A.
B.
5.  The accrual basis assumes that transactions are brought to account when they are __________  or incurred rather than received or paid.
6.  Select the three different types of businesses that operate in Australia.
A.
B.
C.
D.
E.
7.  The cash basis assumes that transactions are recorded only when the _________  is received or paid.
8.  SAC stands for "Statement of ___________  concepts.
9.  Who are the three main accounting bodies in Austrailia? 
A.
B.
C.
D.
10.  The going concern convention assumes that the life of a business will continue indefinitely.  True or False?
A.
B.
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