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

1. 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

  • materiality
  • Accruals
  • prudence
  • Business entity
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Other questions in this quiz

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

  • Realisation
  • Business entity
  • Consistency

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

  • Business Entity
  • Materiality
  • Prudence
  • Accruals

4. 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
  • accruals
  • materiality
  • prudence

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

  • Materiality
  • Accruals
  • Consistency
  • Going concern

Comments

Asia

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Easy got 100% ;-)

TheAccountingTroll

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wow, sado this was eazzzzzzzzzzzzyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy GOML

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