Accounting Principles Quiz

10 Questions  I  By Sjbruce on April 23, 2011
Revision of Accounting theory covered in Tutorial Number 1.

  

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.  SAC stands for "Statement of ___________  concepts.
4.  Name one of the three different business types?
5.  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.
6.  Select the three different types of businesses that operate in Australia.
A.
B.
C.
D.
E.
7.  The accrual basis assumes that transactions are brought to account when they are __________  or incurred rather than received or paid.
8.  The cash basis assumes that transactions are recorded only when the _________  is received or paid.
9.  The going concern convention assumes that the life of a business will continue indefinitely.  True or False?
A.
B.
10.  Which is the accounting method required to be used for Financial Statements in Australia?
A.
B.
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