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Accounting Year 11 Flashcards | StudBud

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Accounting Year 11

10 terms·StudBud Administration·209 plays

You will be required to answer different multiple questions to be able to have fun with the students and improve your understanding of the accounting elements, accounting assumptions and qualitative characteristics. At some point there are questions about source documents as well

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Questions 10

Answers

1
Which of the following is a "liability"?
Accounts payable
GST (Goods and Service Tax)
Expenses
None of the above
2
What is entity assumption?
Economic resource controlled by business
All relevant items be reported,excluding owner's transaction
Any business, organisation or individual
A QC that influences decision makers
3
What is a "liability"?
All of the above
Present obligation
Debt
Economic resource
4
Which of the following are an "asset"?
Inventory
Petrol used
Pen
Bank
5
Adam recorded his business transactions for a month,what shows that he earned a loss or profit?
Ask or hire an accountant to calculate this
Balance sheet
He should ignore about the business performance
Income statement
6
Identify which accounting element(s) enables a business owner to making his/her transactions?
Period assumption
No answer
Relevance
Asset, Liability, Owner's Equity
7
What is the purpose of a balance sheet?
None of the above
Shows business performance
Tells difference between assets and liabilities
Shows financial situation of the business
8
What is Owner's Equity?
I don't know
Assets - Liabilities
It does not exist in a business entity
Assets + Liabilitries
9
Which accounting assumption indicates that a business will continue to operate in future?
Going Concern Assumption
Accrual Basis Assumption
Verifiability
Liability
10
What is the difference between Current and Non-current?
C: within 12 months NC: more than 12 months
Both terms have similarities
I don't know
C: more than 12 months NC: in 12 months