Financial Accounting Concepts and Standards Quiz

As having no distinction from the non-business activities of its owner(s)

As being subordinate to the non-business activities of its owner(s)

As being combined with the non-business activities of its owner(s)

As being quite separate from the non-business activities of its owner(s) (correct)

There is only one aspect of accounting – represented by the assets of the business

There are multiple aspects of accounting – represented by the assets, liabilities, and equity of the business

There are two aspects of accounting – one represented by the assets of the business and the other by the claims against them (correct)

There are three aspects of accounting – assets, liabilities, and equity

To provide information about the financial position only

To provide information about the non-financial position of an entity

To provide information about the performance of an entity

To provide information about the financial position, performance, and changes in the finances of an entity (correct)

<p>To ensure that financial statements are prepared on the basis of established concepts and adhere to rules and procedures</p> Signup and view all the answers

<p>By devising a set of fundamental rules laying down the way transactions are recorded</p> Signup and view all the answers