Accountancy Part I - Theory Base of Accounting Quiz
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Preview questions
1. Which principle states that the business is separate from its owner?
Going Concern · Entity Concept · Accrual Basis · Matching Principle
2. What does the 'Going Concern' assumption imply?
Business will cease operations soon · Business will continue for the foreseeable future · Assets will be liquidated · Liabilities will be settled immediately
3. Which accounting concept requires that revenues are recognized when earned?
Accrual Basis · Cash Basis · Matching Principle · Conservatism
4. The principle that expenses should be matched with revenues is known as:
Conservatism · Accrual Basis · Matching Principle · Entity Concept
5. Which accounting concept emphasizes recording transactions at their original cost?
Fair Value · Historical Cost · Current Cost · Net Realizable Value
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