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.  Reliable accounting information is information that is supported by  __________ documents.
2.  If a monetary value cannot be given to a transaction, then it cannot be recorded in the books.  True or False?
A.
B.
3.  Select the three different types of businesses that operate in Australia.
A.
B.
C.
D.
E.
4.  The accrual basis assumes that transactions are brought to account when they are __________  or incurred rather than received or paid.
5.  Who is the body responsible for developing accounting standards in Australia?
A.
B.
6.  Name one of the three different business types?
7.  Select from the following list those words which describe the characteristics of financial information.
A.
B.
C.
D.
E.
F.
G.
8.  The cash basis assumes that transactions are recorded only when the _________  is received or paid.
9.  The monetary convention assumes that all transactions are recorded in a __________  monetary unit.
10.  A trading or retail business sells _________ to the public.
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