the business will continue trading in to foreseeable future

The principle of consistency means that:

any change in an accounting method will be disclosed

What does money measurement mean?

that transactions must be expressed in monetary terms

what is meant by duality?

their are two sides to every transaction

Which of the following lists of accounts all have debit balances?

Accounts Receivable, Inventory, and Salary Expense

Purpose of Accounting?

to process and present info 4 users 4 decision making

Which of these is not a limitation of financial statements?

Estimates are commonly used and are sometimes inaccurate.

International Accounting standards are important because?

to achieve comparability,relevance,reliability,understand

What is meant by the term Accruals

costs must be matched against related income

The balance sheet is sometimes referred to as the:

Statement of Financial Position.

What is meant by consistency

same accounting treatment applied to similar items all times

difference between book keeping & accounting

Book Keeping; processing Accounting; presenting

profits should not be overstated, revenue recorded when earn

What is mean by business entity?

owner and business transactions are kept seperate

revenue is recorded when legal liability is passed 2customer, realising taking accounting was the best choice in your life

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Accounting Concepts Quiz

30 termsStudBud Administration184 plays

suitable for IGCSE Accounting

Flashcards30 cardsFPractice quizPHost liveL

Questions 30

Answers

1
going concern means?
the business will no longer be able to continue trading
the business will continue trading in to foreseeable future
the business is presenting concern for its owners
the business needs to keep going to survive
2
What national sporting title did Macleans win this year?
Golf
Table Tennis
Football
Rugby
3
Working capital includes all of the following accounts except:
Cash
Accounts payable
Retained Earnings
Accounts Payable
4
The principle of consistency means that:
no alternative methods of accounting for th same transaction
any change in an accounting method will be disclosed
the accounting methods used by an entity never change.
the balance sheet must always balance
5
What does money measurement mean?
that some transactions can not be measured in moneatry terms
that transactions must be expressed in monetary terms
That money can not be measured in accounting
That money needs to be measured in accounting
6
Barbara Kendall a famous old girl of Macleans was famous because?
first woman CEO in NZ
becoming a famous nz politician
winning a noble prize
Representing NZ in windsurfing
7
what is meant by duality?
Accountants resolve all issues with a dual
Accounting transactions must be consistant
Assets and Liabilities must be the same
their are two sides to every transaction
8
Which of the following lists of accounts all have debit balances?
Land, Equipment, and Capital
rates, rent, interest received
Accounts Receivable, Inventory, and Salary Expense
Bank overdraft, salary expense, vehicles
9
What were the top 3 schools in nz for scholarship exam in 2017
AGS, Macleans, Wellington College
AGS, Saint Kents, Epsom Girls
AGS, Saint Kents, WBHS
AGS, Macleans, Rangitoto
10
Purpose of Accounting?
to process and present info 4 users 4 decision making
to solve all of the worlds problems
to make decisions about business
to make the debits = the credits
11
Which one of the following is not an asset
bank
Drawings
buildings
goodwill
12
Which of these is not a limitation of financial statements?
Market values of assets are not generally reported.
Estimates are commonly used and are sometimes inaccurate.
Qualitative data are not reflected in financial statements.
All of the above are limitations of financial statements.
13
Which one of following is not a liability?
accounts payable
loan
bank overdraft
salaries
14
What is the short version of the accounting equation?
A - L = C
E + D = C
A + L = C
A + C = L
15
The excellent school production this year was based off?
Into the Woods
Cats
Miss Saigon
Hamilton
16
What is the longer version of the accounting equation?
A - L = C
D + L + A = C + EX + D
E = MC2
A + EX + D = I + C + L
17
Which is the oldest house at Macleans out of the following;
Rutherford
Snell
Mansfield
Upham
18
Which is the only Whanau house built on two levels?
Upham
Snell
Batten
Kupe
19
International Accounting standards are important because?
without them there would be no rules for accountants 2follow
to achieve comparability,relevance,reliability,understand
To achieve a greater level of globalisation
Accountants need to charge lots of money to customers.
20
who was the first principal at macleans?
David Beattie
Byron Bentley
Daniel Qiu
Colin Prentice
21
What is meant by the term Accruals
costs must be matched against related income
Accounting information must not be bias
Accounting data can sometimes be wrong
all accounting transactions have to equal
22
Mr Hargreaves was Pincipal at what school before Macleans?
Wesley
Auckland Grammar
Botany
Howick
23
Who is longest serving staff member at Macleans?
Mr Caley
Mr Becroft
Mr Farr
Mr Gilbert
24
The balance sheet is sometimes referred to as the:
Statement of Current Affairs
Statement of Assets and Liabilities.
Statement of Financial Position.
Statement of Changes in Financial Position.
25
What is meant by consistency
profits needs to be kept at a consistent level
Accountants must work hard every day or fired
same accounting treatment applied to similar items all times
Accounting transactions can sometimes be wrong
26
How many people orginally went to Macleans in 1980
199
99
999
499
27
difference between book keeping & accounting
Book Keeping is redundant and now completed by computers
Book Keeping; processing Accounting; presenting
Accounting is more complex in nature
The work load differs
28
what is prudence?
profits should not be overstated, revenue recorded when earn
Accountants prefer to overstate all accounts
Accountants love taking risks
expenses and income must be recorded prudently.
29
What is mean by business entity?
owner and business transactions are kept seperate
Businesses can make a loss and still survive
the business must make a profit
the business owns its employees
30
What is realisation
revenue is recorded when legal liability is passed 2customer
realising accounts in the financial statements
realising accounting is your favourite subject
realising taking accounting was the best choice in your life

Accounting Concepts Quiz Flashcards | StudBud