BALANCE SHEET AND EXPENSES For each of the following questions, indicate the single best answer: 1. A basic assumption of accounting that requires activities of an entity be kept separate from the ac

BALANCE SHEET AND EXPENSES For each of the following questions, indicate the single best answer: 1. A basic assumption of accounting that requires activities of an entity be kept separate from the ac

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BALANCE SHEET AND EXPENSES

2022 Words   

Accounting Principles Questions for IT Students

(Second Semester – 2018/2019)

 

For each of the following questions, indicate the single best answer:

1. A basic assumption of accounting that requires activities of an entity be kept separate from the activities of its owner is referred to as the

a. stand alone concept.

b. monetary unit assumption.

c. economic entity assumption.

d. corporate form of ownership

2. All of the financial statements are for a period of time except the

a. income statement.

b. balance sheet

c. owner's equity statement.

d. statement of cash flows

3. A trial balance will not balan