accounting

accounting

University

31 Qs

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accounting

accounting

Assessment

Quiz

Mathematics

University

Medium

Created by

Tsu Kaisen

Used 1+ times

FREE Resource

31 questions

Show all answers

1.

FILL IN THE BLANK QUESTION

1 min • 1 pt

It is an organization or section of an organization that stands apart from other organization and individuals as seperate economic unit.

2.

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1 min • 1 pt

This concepts allows the user to obtain timely information to serve as a basis on making decisioins about future activities.

3.

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1 min • 1 pt

It allows accountants to add and subtract peso amounts as through each peso has the same purchasing power as any other peso at any time.

4.

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1 min • 1 pt

It is based on information that flows from activities documented by objective evidence.

5.

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1 min • 1 pt

It states that acquired assets should be recorded at their actual cost and not at what management thinks they are worth as at reporting date.

6.

FILL IN THE BLANK QUESTION

1 min • 1 pt

Revenue is to be recognized in the accounting period when goods are delivered or services are rendered or performed.

7.

FILL IN THE BLANK QUESTION

1 min • 1 pt

expense should be recognized in the accounting period which goods and services are used up to produce revenue and not when entity pays for those goods and services.

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