Accountancy Part I - Theory Base of Accounting Quiz
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Preview questions
1. What is the primary purpose of accounting?
To prepare tax returns · To provide financial information · To manage employee payroll · To conduct audits
2. Which accounting concept assumes that the business will continue indefinitely?
Accrual Concept · Going Concern Concept · Matching Concept · Conservatism Concept
3. What does the term 'double entry system' refer to?
Recording transactions twice · Two accounts affected by each transaction · Double-checking entries · Two types of accounts
4. Which of the following is NOT a qualitative characteristic of accounting information?
Relevance · Reliability · Comparability · Complexity
5. The principle that expenses should be matched with revenues is known as:
Conservatism · Accrual Basis · Matching Concept · Materiality
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