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Topic 1: Accounting Concept

Topic 1: Accounting Concept

Assessment

Flashcard

Other

University

Practice Problem

Hard

Created by

Haslina Fauzi

Used 1+ times

FREE Resource

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27 questions

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1.

FLASHCARD QUESTION

Front

Accrual theory describes recording income and expenses when earned or incurred, regardless of payment.

Back

Income earned and expenses incurred recorded regardless of payment.

2.

FLASHCARD QUESTION

Front

Accounting period theory:

Back

Life of a business divided into regular time periods.

3.

FLASHCARD QUESTION

Front

Accounting theory that mandates recording personal asset withdrawals as drawings.

Back

Accounting entity theory

4.

FLASHCARD QUESTION

Front

Accounting theory valuing inventory at lower of cost or net realizable value.

Back

Prudence theory

5.

FLASHCARD QUESTION

Front

Objectivity theory: Transactions recorded based on reliable evidence.

Back

Transactions are recorded based on reliable evidence.

6.

FLASHCARD QUESTION

Front

Historical cost theory:

Back

Transactions recorded at original cost.

7.

FLASHCARD QUESTION

Front

Identify this accounting theory: Business activities are separate from the owner's actions, with transactions recorded from the business's perspective.

Back

Accounting Entity

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