Accounting Principles Quiz

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

  
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1.  A trading or retail business sells _________ to the public.
2.  The accounting period convention assumes that the life of a business is divided into _________ time periods.
3.  The cash basis assumes that transactions are recorded only when the _________  is received or paid.
4.  If a monetary value cannot be given to a transaction, then it cannot be recorded in the books.  True or False?
A.
B.
5.  Which is the accounting method required to be used for Financial Statements in Australia?
A.
B.
6.  The going concern convention assumes that the life of a business will continue indefinitely.  True or False?
A.
B.
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.  Proprietary companies are allowed to sell shares to the public.  True or False?
A.
B.
10.  SAC stands for "Statement of ___________  concepts.
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