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Accounting Principles Quiz

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

  
Changes are done, please start the quiz.


Question Excerpt

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1.  A service business sells _________ to the public.
2.  The Acccounting (or business) entity convention states that "business is a separate entity or body from the owner".  True or False?
A.
B.
3.  Public Companies are not listed on the Australian Stock Exchange.  True or False?
A.
B.
4.  The accrual basis assumes that transactions are brought to account when they are __________  or incurred rather than received or paid.
5.  The accounting period convention assumes that the life of a business is divided into _________ time periods.
6.  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.
7.  Reliable accounting information is information that is supported by  __________ documents.
8.  Name one of the three different business types?
9.  The going concern convention assumes that the life of a business will continue indefinitely.  True or False?
A.
B.
10.  A trading or retail business sells _________ to the public.
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