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Introduction to Accounting Test - 5

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Introduction to Accounting Test - 5
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Weekly Quiz Competition
  • Question 1
    1 / -0
    _____________ concept is an assumption that an entity will remain in business for the foreseeable future.
  • Question 2
    1 / -0
    Which of the following financial statements summarises a company's assets, liabilities and shareholders' equity at a specific point in time?
  • Question 3
    1 / -0
    Which of the following expenditures is a revenue in nature and incurred during an accounting period, but its benefits are to be derived over a number of following accounting periods?
  • Question 4
    1 / -0
    Which of the following is a potential liability that may occur, depending on the outcome of an uncertain future event?
  • Question 5
    1 / -0
    _____ is a person or entity who/which owes an amount to another entity.
  • Question 6
    1 / -0
    The fundamental convention of accounting that necessitates the recognition of all aspects of an accounting transaction is known as
  • Question 7
    1 / -0
    The monetary value of the reputation of a firm as measured in terms of its expected profit is called 
  • Question 8
    1 / -0
    The main book of accounts in which all the business transactions are recorded first is called 
  • Question 9
    1 / -0
    The expenditure incurred to acquire goods for resale is known as
  • Question 10
    1 / -0
    Accounting information is affected by
  • Question 11
    1 / -0
    Accounting information of a company is communicated to the stakeholders through which of the following?
  • Question 12
    1 / -0
    According to which of the following concepts, accounts must be honestly prepared and they must disclose all material information?
  • Question 13
    1 / -0
    Some assets that appear in the balance sheet, may have no physical form or real value but represent actual cash expenditure. Such assets are known as
  • Question 14
    1 / -0
    Customs which guide or direct on how to prepare and maintain accounts are known as
  • Question 15
    1 / -0
    Goodwill is a ________ asset to a business.
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