Accounting Principles Quiz

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

  
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Question Excerpt

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1.  Reliable accounting information is information that is supported by  __________ documents.
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.  Proprietary companies are allowed to sell shares to the public.  True or False?
A.
B.
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.  A trading or retail business sells _________ to the public.
6.  SAC stands for "Statement of ___________  concepts.
7.  The accounting period convention assumes that the life of a business is divided into _________ time periods.
8.  The accrual basis assumes that transactions are brought to account when they are __________  or incurred rather than received or paid.
9.  Who is the body responsible for developing accounting standards in Australia?
A.
B.
10.  The going concern convention assumes that the life of a business will continue indefinitely.  True or False?
A.
B.
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