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Accounting Principles Quiz

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

  
Changes are done, please start the quiz.


Question Excerpt

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1.  The monetary convention assumes that all transactions are recorded in a __________  monetary unit.
2.  A service business sells _________ to the public.
3.  SAC stands for "Statement of ___________  concepts.
4.  The Acccounting (or business) entity convention states that "business is a separate entity or body from the owner".  True or False?
A.
B.
5.  The accrual basis assumes that transactions are brought to account when they are __________  or incurred rather than received or paid.
6.  Reliable accounting information is information that is supported by  __________ documents.
7.  Who are the three main accounting bodies in Austrailia? 
A.
B.
C.
D.
8.  The going concern convention assumes that the life of a business will continue indefinitely.  True or False?
A.
B.
9.  Proprietary companies are allowed to sell shares to the public.  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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