Accounting Concepts Unit 2 Quiz

Select the correct accounting concept to be used in the following circumstances

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  • Created by: Holly
  • Created on: 06-06-10 11:43
A fixed asset costs £10,000. It is expected to have a life of 10 years with no residual value. Depreciation is to be charged at £1,000 per annum
prudence
1 of 5
A customer is expected to place a substantial order worth £8800 next month
Realisation
2 of 5
A regular customer who owes £2720 has just gone into liquidation
Prudence
3 of 5
Audrey puts some of her home telephone bill on the business profit and loss account, as she regularly uses her home telephone to ring clients.
business entity
4 of 5
Wages outstanding at the end of the financial year: £362
Accruals
5 of 5

Other cards in this set

Card 2

Front

A customer is expected to place a substantial order worth £8800 next month

Back

Realisation

Card 3

Front

A regular customer who owes £2720 has just gone into liquidation

Back

Preview of the front of card 3

Card 4

Front

Audrey puts some of her home telephone bill on the business profit and loss account, as she regularly uses her home telephone to ring clients.

Back

Preview of the front of card 4

Card 5

Front

Wages outstanding at the end of the financial year: £362

Back

Preview of the front of card 5

Comments

Asia

Report

Easy got 100% ;-)

TheAccountingTroll

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wow, sado this was eazzzzzzzzzzzzyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy GOML

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