Podcast
Questions and Answers
Which accounting concept focuses on recording transactions at their original cost?
Which accounting concept focuses on recording transactions at their original cost?
- Materiality principle
- Conservatism principle
- Historical cost principle (correct)
- Consistency principle
Which accounting concept emphasizes that expenses should be recognized in the same period as the revenues to which they relate?
Which accounting concept emphasizes that expenses should be recognized in the same period as the revenues to which they relate?
- Matching principle (correct)
- Going concern principle
- Full disclosure principle
- Revenue recognition principle
Which accounting concept suggests that a business will continue to operate into the future?
Which accounting concept suggests that a business will continue to operate into the future?
- Conservatism principle
- Consistency principle
- Going concern principle (correct)
- Materiality principle
Which accounting concept suggests that financial statements should only include verifiable and objective information?
Which accounting concept suggests that financial statements should only include verifiable and objective information?
Which accounting concept states that expenses should be recorded in the same accounting period as the related revenues?
Which accounting concept states that expenses should be recorded in the same accounting period as the related revenues?
Which accounting concept emphasizes that financial information should be reported within the time period in which it is most relevant?
Which accounting concept emphasizes that financial information should be reported within the time period in which it is most relevant?
What is the net profit for the year ended 31st December 2021?
What is the net profit for the year ended 31st December 2021?
What is the total amount of bad debts for the year?
What is the total amount of bad debts for the year?
What is the total amount of provision for doubtful debts after the increase?
What is the total amount of provision for doubtful debts after the increase?
What is the total amount of prepaid expenses as at 31st December 2021?
What is the total amount of prepaid expenses as at 31st December 2021?
What is the total amount of drawings for the year ended 31st December 2021?
What is the total amount of drawings for the year ended 31st December 2021?
What is the net profit for the year ended 31st December 2021?
What is the net profit for the year ended 31st December 2021?
What is the balance of the provision for doubtful debts after the increase?
What is the balance of the provision for doubtful debts after the increase?
What is the total amount of prepaid expenses as at 31st December 2021?
What is the total amount of prepaid expenses as at 31st December 2021?
What is the total amount of van running costs paid during the year?
What is the total amount of van running costs paid during the year?
What is the total amount of bad debts written off during the year?
What is the total amount of bad debts written off during the year?
Flashcards are hidden until you start studying
