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Operating expense is a trading stock deficit

The difference between current assets and current liabilities is known as...

Accounting concepts

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Answers

1
The difference between current assets and current liabilities is known as...
Expense
Current liabilities
Net working capital
Current assest
2
Operating expense is a trading stock deficit
True
False
3
Going concern refers to...
All important items should be shown separately in financial statements
F. Statements are prepared for future reference of the company's operations
Figures used in financial statements should be realistic (conservative)
Income and expenses must be recorded in the correct financial year
4
Provides an unbiased opinion on the reliability of the financial statements of a business...
Audit report
Income Statement
Directors report
Operating income
5
Shows whether the business made a profit or loss...
Audit report
Cash flow statement
Income Statement
Balance sheet
6
All assets are recorded at their original cost price...
Going concern
Historical cost
Materiality
Matching
7
Operating income is not an adjustment of provision for bad debts
True
False
8
Independent audit report is...
Reflects the source of funds and how they were used
Reflects profit or loss for a financial period
Reflects the opinion on the reliability of the financial statements
Reflects the financial position of business on a particular date
9
It reflects the source of funds and how they were used...
Cash Flow statement
Balance sheet
Income Statement
Independent audit report
10
Provides details about the movement of money with regard to operating, investing and financing activities...
Directors report
Income Statement
Balance sheet
Cash flow statement