Accounting theory revision

Assets increasing become

• DR

• CR

Which of the following is not a factor influencing accounting?

• Technological trends

• Legal implications

• Social Expectations

• Economic Trends

• Political situations

Which of the following is NOT an objective of accounting?

• To provide information for decision-making

• To identify trends in the business operation

• Assist in discharging accountability

• To help in evaluating performance

Accounting is the process of identifying, __________, interpreting and communicating financial and other information to interested parties

• measuring

• understanding

• evaluating

• describing

___________ are rules, practices and procedures with which members of the accounting bodies must comply.

• Accounting profession

• Accounting practices

• Accounting standards

• Accounting globalisation

Select all that are examples of a trading business

• Woolworths

• Cotton On

• Accountant

• Mechanic

• Starbucks

Select all that are service businesses

• Hairdresser

• Uber

• Cleaner

• Toyota Toowoomba

• Boost Juice

Wages, electricity, vehicle service are all examples of

• Revenues

• Expenses

• Assets

• Liabilities

• Owner's Equity

____ is the value of any investment the owner has made in the business

• R

• E

• A

• L

• OE

Which of the following accounting equations are incorrect?

• OE = A- L

• A = L + OE

• OE = A + L

• L = A - OE