2019 Accounting Assumptions, QCs and more

Question 1

Which of the following is not an ethical matter

Accepted Answer

Advertising

Question 2

Which of the following is not a source document?

Accepted Answer

Library card

Question 3

The Liability that records what is expected to be paid to a supplier?

Accepted Answer

Accounts Payable

Question 4

This is the assumption why we close ledger accounts at the end of the month to determine profit

Accepted Answer

Period

Question 5

The Asset that records what is expected to be received from a credit customer?

Accepted Answer

Accounts Receivable

Question 6

Should a 3 year loan be recorded as current if the business is winding up?

Accepted Answer

No, because of going Concern Assumption

Question 7

Which one of the following is an Accounting Assumption

Accepted Answer

Period

Question 8

Which of the following is not a subsidiary record

Accepted Answer

Stock Card

Question 9

This Q C is the the reason that we check Accounts payable records against statements of Account

Accepted Answer

Verifiability

Question 10

Which of the following is not a Qualitative Characteristic?

Accepted Answer

Period

Question 11

This QC explains the importance of budgets

Accepted Answer

Timeliness

Question 12

Which of the following terms is not suitable to use after 2018?

Accepted Answer

Stock

Question 13

The assumption the revenue is measured in a faithful and verifiable manner

Accepted Answer

Accrual Basis

Question 14

This assumption is why paying with a personal cheque must be recorded as a capital contribution

Accepted Answer

Entity

Question 15

This QC is the reason why depreciation methods cannot change

Accepted Answer

Comparability

Questions 15