Chapter 2 Accounting Information System

Chapter 2 Accounting Information System

KG - University

10 Qs

quiz-placeholder

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Chapter 2 Accounting Information System

Chapter 2 Accounting Information System

Assessment

Quiz

Other

KG - University

Medium

Created by

Lawrence Lim

Used 52+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Payment was done immediately at the point of purchase.
Cash transaction
Credit transaction

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Payment was made to supplier at a later date.
Cash transaction
Credit transaction

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which accounting concept is used when owner makes drawings?
Accounting Period Concept
Monetary Concept
Accounting Entity Concept
Objectivity Concept

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which accounting concept states that all business activities have monetary values?
Accounting Period Concept
Monetary Concept
Accounting Entity Concept
Objectivity Concept

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which accounting concept is used for source documents?
Accounting Period Concept
Monetary Concept
Accounting Entity Concept
Objectivity Concept

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which accounting concept is used for recording the cost of the business transactions?
Historical Cost Concept
Monetary Concept
Accounting Entity Concept
Objectivity Concept

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which accounting concept state that business has indefinite economic life?
Historical Cost Concept
Going Concern Concept
Accounting Entity Concept
Accounting Period Concept

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