Accounting concepts are out in place to ensure that accounting processes are uniform. An accountant must have a good understanding of these concepts. Did you know that once a business chooses to use a specific accounting method, it should continue using it on a go-forward basis? Do take up this quiz and see how well you understand the many concepts. All the best!
Owner
Government
Employees
Management
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Prudence
Consistency
Money measurement
Going concern
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Revenue+expenditure
Revenue-expenditure
Revenue-expense
Revenue+expense
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Debtor
Creditor
Advertisement
Debentures
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True
False
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True
False
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Asset
Revenue
Liability
Benefit
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Quiz Review Timeline (Updated): Jan 13, 2025 +
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