Accounting Unit 1 Quiz

In order to enter information into a general journal one must first:

Assets - Liabilities is also known as:

A sole trader owner is personally liable for the debts of the business.

The concept that assumes that a business entity has a separate existence from the private affairs its owner/s is the:

The concept where the total value of debit equals the total value of credits in a transaction is:

The concept that expresses the relationship between assets, liabilities and owner's equity is the:

The concept of accounting that assumes that all transactions are recorded in money terms is the:

A business entity can be sued.

The concept that a business entity will continue to operate in the foreseeable future is the:

The Statement of Financial Position reports the: