Accountancy Part I - Theory Base of Accounting Quiz
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Preview questions
1. What is the primary purpose of accounting?
To prepare financial statements · To record transactions · To provide information for decision-making · To calculate taxes
2. Which of the following is NOT a characteristic of accounting?
It is a systematic process · It is an art · It is a science · It is a random activity
3. The concept that assumes the business will continue to operate indefinitely is known as:
Going concern · Accrual basis · Consistency · Matching principle
4. Which accounting principle requires that expenses be matched with revenues?
Consistency · Accrual basis · Matching principle · Going concern
5. The principle that states that financial statements should be prepared using the same methods from one period to another is called:
Consistency · Materiality · Accrual basis · Conservatism
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