WRITTEN WORKS #1

Choose the accounting concept

Anna recorded her sales on account as part of the company’s revenue.

• Matching Concept

• Materiality

• Conservatism

• Accrual Concept

Choose the accounting concept

Philip received a PLDT bill and immediately recorded it as an expense even without cash payment.

• Matching Concept

• Entity Concept

• Conservatism

• Accrual Concept

Choose the accounting concept

To earn revenue for the period John assumes that it has a corresponding expense.

• Matching Concept

• Entity Concept

• Going Concern Assumption

• Accrual Concept

Choose the accounting concept

Lenie, the owner of pet shop recorded the amount of dog food used by her own dog as a withdrawal from her business.

• Matching Concept

• Entity Concept

• Going Concern Assumption

• Accrual Concept

Choose the accounting concept

John instructed his assistant accountant project more expenses than revenue

• Matching Concept

• Entity Concept

• Going Concern Assumption

• Conservatism

Accounting is the process of _____ EXCEPT.

• Recording

• Summarizing

• Realizing

• Analyzing

If there’s 200,000 in the debit side there must have 200,000 on ______.

• balance account

• accounting side

• debit side

• credit side

To prepare a Financial Statements, accountants must follow ______.

• instruction from his/her boss

• accounting equation

• general accepted accounting principles

• all of the above

His primary role is to monitor the cost of the products to be produce.

• Accounting Instructor

• Management Accountant

• Tax Accountant

• Cost Accountant

His role is to warrant the truthfulness of the Financial Statements.

• Accounting Teacher

• Auditor

• Financial Accountant

• Cost Accountant