Quiz 5: Basic Accounting Principles Quiz

Take our basic accounting principles quiz to check out your knowledge of the accounting assumptions and concepts used in mdct.ru.

Not Ready for the Accounting Principles Quiz?

If you need a refresher course on this topic you can view our basic accounting concepts tutorial here.

Start the Basic Accounting Principles Quiz

Click on an answer to reveal whether its Right! or Wrong

1. Which accounting concept does the comment below refer to?
Assets are normally shown at cost price in the balance sheet, and the cost is the basis for all subsequent accounting for the asset.
Wrong
Right!
Wrong
2. Which accounting assumption does the comment below refer to?
Everything is recorded in terms of money. Items which cannot be recorded in terms of money are ignored and not included. It follows that the financial statements only give a partial picture of the state of a business.
Right!
Wrong
Wrong

3. Which accounting concept does the comment below refer to?
Profit is the difference between revenue and expenses not cash received and paid. Expenses are matched to revenues, for example if rent has been set as a percentage of sales (a turnover rent), then the rent is accrued in the accounts is the same period as the sales and not when the rent is actually paid.
Wrong
Right!
Wrong
4. Which accounting concept does the comment below refer to?
There are two sides to accounting, one represented by the assets and the other represented by the liabilities against them.
Wrong
Wrong
Right!
5. Which accounting assumption does the comment below refer to?
Accounting assumes the business will continue.
Wrong
Wrong
Right!
6. Which accounting assumption does the comment below refer to?
For accounting purposes the business is treated as a separate entity from the owner. The accounting records show transactions of the business not the owner.
Right!
Wrong
Wrong
7. Which accounting concept does the comment below refer to?
Profit is earned (realized) at the time the goods or services are passed to the customer and the customer incurs liability for them.
Wrong
Right!
Wrong

Try Another mdct.ru Quiz

The accounting principles quiz is one of many of our online quizzes which can be used to test your knowledge of mdct.ru, discover another at the links below.

Quiz 5: Basic Accounting Principles Quiz December 14th, 2016Team

You May Also Like


Related pages


formula of annuity duelease incentive accounting treatmentpayback period calculator excelpresent value of a single sum calculatorpresent value of an annuity equationpresent value of a single sum calculatorhow to book accrued expensesentry for prepaid expensebank ledger templatecommon size income statement examplehorizontal analysis in accountingdefinition of prepaid expensesales ledger control account formatfree printable accounting ledger sheetsleverage ratio examplesjournal entry for accounts receivable collectedis allowance for doubtful accounts an assetcogs normal balancecalculation of quick ratiopv annuity formulabookkeeping on excel spreadsheetsnpv of annuity formulatrade discount entryhow to calculate principal balancedeclining balance method exampledebt equity ratio significancepartnership accounting for dummiesaccounts payable test questionshow to reconcile retained earningssmall business expense templateamortization formula accountingdifference between notes payable and accounts payablecapital lease accounting lessorcash coverage ratio interpretationpetty cash format in excelaccounts receivable write offcalculating manufacturing overheadwhy closing stock is not shown in trial balanceinsurance accounting basicsimpairment of goodwill journal entryhow to calculate periodic interest rateallowance for doubtful debts in balance sheetnet realizable value equationformula of fixed assets turnover ratioaccounting general entriesimprest amount meaningdiscounted notes receivableperpetual annuity formulahow do you calculate inventory turnover ratiomanufacturing overhead variance analysisexamples current liabilitiespayroll tax expense journal entrywhat is an unadjusted trial balancevoucher layout templateeffective yield amortizationcalculating annuity paymentscontribution margin in dollarsprofit margin ratio formula accountingleverage gearing ratioaverage receivables turnovernormal balance for assetscalculate amortization schedule excelinvestment in preferred stock on balance sheetbookkeeping templates excelapplied manufacturing overhead formulatrial balance sheet accounts receivabledeferred tax liability in cash flow statementcapex items exampleincome summary closing entriesbookkeeping balance sheetshares accounting entriesledger bookkeepingdiscount allowed journal entry