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5 Written questions

5 Matching questions

  1. Straight line depreciation
  2. Accounting period concept
  3. Trade mark
  4. Internal decision makers
  5. Liability
  1. a A method of calculating depreciation which spreads the cost of the asset evenly over its useful life.
  2. b Users of accounting information who operate from within an organisation e.g. owner/manager, manager.
  3. c Logo or name registered for the exclusive use of an organisation to distinguish its products and services.
  4. d Underlying accounting assumption that, for reporting purposes, the life of a business can be divided into arbitrary, equal time-intervals.
  5. e Future sacrifices of economic benefits that the entity is presently obliged to make to other parties.

5 Multiple choice questions

  1. Meets the definition of an asset under SAC 4. They are payments made prior to the consumption of the goods or services and thus provide a future benefit.
  2. Accounting entries made at the end of each accounting period to achieve a proper allocation of revenue and expenses to the relevant accounting period.
  3. Meets the definition of a liability under SAC 4. They are expenses incurred but not paid at balance date.
  4. Transaction where cash is received or paid after the benefit is received or consumed.
  5. Document prepared as evidence of the return of goods or the adjustment of the price of goods or services.

5 True/False questions

  1. Sales returns journalRecord in which transactions may be recorded if not recorded in specialised journals.

          

  2. Accounting recordsThe system (documents, books, files) in which financial transactions are recorded.

          

  3. DisclosureA document that is used to record the number of hours an employee has worked.

          

  4. Bank reconciliationIncentive payment received or paid for performing or receiving a service.

          

  5. AmortisationThe process of allocating the cost of an intangible asset over the accounting periods benefiting from its use. Refer to depreciation.