Accounting Principles Quiz

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

  

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1.  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.
2.  Who are the three main accounting bodies in Austrailia? 
A.
B.
C.
D.
3.  Select the three different types of businesses that operate in Australia.
A.
B.
C.
D.
E.
4.  SAC stands for "Statement of ___________  concepts.
5.  Who is the body responsible for developing accounting standards in Australia?
A.
B.
6.  Which is the accounting method required to be used for Financial Statements in Australia?
A.
B.
7.  If a monetary value cannot be given to a transaction, then it cannot be recorded in the books.  True or False?
A.
B.
8.  Proprietary companies are allowed to sell shares to the public.  True or False?
A.
B.
9.  A service business sells _________ to the public.
10.  The going concern convention assumes that the life of a business will continue indefinitely.  True or False?
A.
B.
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