Accountancy Part I - Theory Base of Accounting Quiz
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Preview questions
1. What is the primary purpose of accounting?
To record financial transactions · To prepare tax returns · To manage inventory · To audit financial statements
2. Which principle states that revenue should be recognized when it is earned?
Matching Principle · Accrual Principle · Conservatism Principle · Entity Concept
3. The concept that financial statements should be prepared on a consistent basis is known as:
Going Concern Concept · Consistency Concept · Materiality Concept · Realization Concept
4. Which accounting concept assumes that a business will continue to operate indefinitely?
Going Concern Concept · Business Entity Concept · Money Measurement Concept · Dual Aspect Concept
5. The principle that expenses should be matched with revenues is known as:
Matching Principle · Realization Principle · Accrual Principle · Conservatism Principle
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