Accounting Concepts Quiz

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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?

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?

Conservatism principle

Consistency principle

Going concern principle (correct)

Materiality principle

Which accounting concept suggests that financial statements should only include verifiable and objective information?

Conservatism principle Signup and view all the answers

Which accounting concept states that expenses should be recorded in the same accounting period as the related revenues?

Matching principle Signup and view all the answers

Which accounting concept emphasizes that financial information should be reported within the time period in which it is most relevant?

Time period principle Signup and view all the answers

What is the net profit for the year ended 31st December 2021?

K22,350 Signup and view all the answers

What is the total amount of bad debts for the year?

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What is the total amount of provision for doubtful debts after the increase?

K1,091 Signup and view all the answers

What is the total amount of prepaid expenses as at 31st December 2021?

K230 Signup and view all the answers

What is the total amount of drawings for the year ended 31st December 2021?

K17,100 Signup and view all the answers

What is the net profit for the year ended 31st December 2021?

K32,355 Signup and view all the answers

What is the balance of the provision for doubtful debts after the increase?

K1,101 Signup and view all the answers

What is the total amount of prepaid expenses as at 31st December 2021?

K760 Signup and view all the answers

What is the total amount of van running costs paid during the year?

K747 Signup and view all the answers

What is the total amount of bad debts written off during the year?

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Accounting Concepts Quiz

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Questions and Answers

Which accounting concept focuses on recording transactions at their original cost?

Which accounting concept emphasizes that expenses should be recognized in the same period as the revenues to which they relate?

Which accounting concept suggests that a business will continue to operate into the future?

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 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 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 prepaid expenses as at 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 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 van running costs paid during the year?

What is the total amount of bad debts written off during the year?

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