Quiz Topic 3
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University
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Easy
AZZURA ABDUL AZIZ
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14 questions
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1.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Once journal entries are recorded, they can be posted to:
ledger
income statement
expenses account
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Jeff's Construction, LLC bought a piece of equipment in 2001 for P 10,000. Today this piece of equipment is only worth P 2,000. Jeff would still report the equipment at its purchase price of P 10,000, less depreciation, even though its current fair market value is only P 2,000.
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Concept: Financial information is reported for a specific period of time on financial statements.
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Concept: When a business activity is large enough to impact business decisions, it should be recorded clearly in the financial statements
realization of revenue
materiality
unit of measurement
consistent reporting
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Concept: Financial statements are prepared with the expectation that business will remain in operation indefinately
going concern
materiality
accounting period cycle
matching revenue with expenses
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Concept: The same accounting procedures must be followed in the same way each accounting period
accounting period cycle
objective evidence
consistent reporting
materiality
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Concept: Revenue is recorded at the same time goods or services are sold.
realization of revenue
the revenue principle
going concern
historical cost
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