Accounting Principles Quiz

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

  
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Question Excerpt

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1.  A trading or retail business sells _________ to the public.
2.  Select from the following list those words which describe the characteristics of financial information.
A.
B.
C.
D.
E.
F.
G.
3.  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.
4.  Who are the three main accounting bodies in Austrailia? 
A.
B.
C.
D.
5.  The going concern convention assumes that the life of a business will continue indefinitely.  True or False?
A.
B.
6.  SAC stands for "Statement of ___________  concepts.
7.  A service business sells _________ to the public.
8.  Proprietary companies are allowed to sell shares to the public.  True or False?
A.
B.
9.  Reliable accounting information is information that is supported by  __________ documents.
10.  The accounting period convention assumes that the life of a business is divided into _________ time periods.
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