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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.  Select the three different types of businesses that operate in Australia.
A.
B.
C.
D.
E.
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.  The accrual basis assumes that transactions are brought to account when they are __________  or incurred rather than received or paid.
4.  The monetary convention assumes that all transactions are recorded in a __________  monetary unit.
5.  The going concern convention assumes that the life of a business will continue indefinitely.  True or False?
A.
B.
6.  Reliable accounting information is information that is supported by  __________ documents.
7.  The accounting period convention assumes that the life of a business is divided into _________ time periods.
8.  Who is the body responsible for developing accounting standards in Australia?
A.
B.
9.  A trading or retail business sells _________ to the public.
10.  SAC stands for "Statement of ___________  concepts.
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