Qualitative Characteristics & Accounting Concepts

Qualitative Characteristics & Accounting Concepts

University

35 Qs

quiz-placeholder

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Qualitative Characteristics & Accounting Concepts

Qualitative Characteristics & Accounting Concepts

Assessment

Quiz

Other

University

Medium

Created by

SAZILAH MOHD SAAD

Used 1+ times

FREE Resource

35 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Companies not disclosing an imminent bankruptcy would violate ______ concept.

monetary unit concept

business entity concept

historical cost concept

going concern concept

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to _____ concept, assets are recorded at their original purchase price.

historical cost

monetary

going concern

materiality

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Switching accounting principles and methods every year would violate _____ characteristic.

understandability

timeliness

comparability

verifiability

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Each item in financial statements must be able to demonstrate its accuracy of information with evidence. This statement follows ________ characteristic.

timeliness

understandability

comparability

verifiability

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Quality accounting information assists the users to make informed and timely decisions. The enhancing qualitative characteristics include ________.

Comparability and consistency

Relevance and faithful representation

Comparability, verifiability, understandability and timeliness

Comparability, consistency, verifiability and understandability

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements describes a going concern concept?

A business will ensure that only items that can be expressed in money terms are recorded in the financial statements.

A business is assumed to operate for an indefinite life.

All the above

A business will refrain itself from changing the methods or techniques of valuation to allow comparison of financial statements.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business has decided to report its financial statement yearly. It just started its business on 1st January 20x1 and will complete the twelve-month reporting period by 31 December 20x1. This is in accordance with the ________________ concept.

Materiality

Periodicity

Consistency

Neutrality

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