Exam 4: Accounting Principles, Concepts and Policies
Exam 1: Entities and Financial Reporting Standards16 Questions
Exam 2: International Accounting: Institutional Framework and Standards16 Questions
Exam 3: The Nature and Objectives of Financial Accounting16 Questions
Exam 4: Accounting Principles, Concepts and Policies16 Questions
Exam 5: The Conceptual Framework of Accounting16 Questions
Exam 6: Auditing, Corporate Governance and Ethics16 Questions
Exam 7: The Accounting Equation and Its Components16 Questions
Exam 8: Basic Documentation and Books of Accounts16 Questions
Exam 9: The General Ledger16 Questions
Exam 10: The Balancing of Accounts and the Trial Balance16 Questions
Exam 11: Day Books and the Journal16 Questions
Exam 12: The Cash Book16 Questions
Exam 13: The Petty Cash Book6 Questions
Exam 14: The Final Financial Statements of Sole Traders20 Questions
Exam 15: Depreciation and Non-Current Assets20 Questions
Exam 16: Bad Debts and Provisions for Bad Debts16 Questions
Exam 17: Accruals and Prepayments20 Questions
Exam 18: The Preparation of Final Financial Statements From the Trial Balance6 Questions
Exam 19: The Bank Reconciliation Statement17 Questions
Exam 20: Control Accounts16 Questions
Exam 21: Errors and Suspense Accounts16 Questions
Exam 22: Single Entry and Incomplete Records16 Questions
Exam 23: Inventory Valuation16 Questions
Exam 24: Financial Statements for Manufacturing Entities16 Questions
Exam 25: The Final Financial Statements of Clubs16 Questions
Exam 26: The Final Financial Statements of Partnerships16 Questions
Exam 27: Changes in Partnerships16 Questions
Exam 28: Partnership Dissolution and Conversion to Company Status14 Questions
Exam 29: The Nature of Limited Companies and Their Capital16 Questions
Exam 30: The Final Financial Statements of Limited Companies14 Questions
Exam 31: Statement of Cash Flows16 Questions
Exam 32: The Appraisal of Company Financial Statements Using Ratio Analysis20 Questions
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Which of the following is not an estimation technique?
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(Multiple Choice)
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Correct Answer:
B
Which of the following is not an accounting concept?
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(Multiple Choice)
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Correct Answer:
A
A trader bought goods for resale on credit costing £1,000 in July and paid for them in August. These were sold on credit for £1,500 in September and the money received in October.
Applying the accruals concept and matching principle:
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(Multiple Choice)
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Correct Answer:
A
At the end of the accounting period a company makes a charge in its financial statements for oil delivered, not invoiced but used. Then this adjustment is in accordance with the following concept:
(Multiple Choice)
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Which of the following is not an objective against which an entity should judge the appropriateness of its accounting policies?
(Multiple Choice)
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The accounting concept which tends to understate values when inflation is high is:
(Multiple Choice)
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Changing the valuation of inventory from LIFO to FIFO is an example of:
(Multiple Choice)
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At the end of the accounting period the value of the inventory not sold is removed from that years cost of sales and carried into the next year as a current asset. This adjustment is in accordance with the following concept:
(Multiple Choice)
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Inventory not sold in one period, should be carried forward to the next period and released to the income statement in the next period if the goods are sold.
(Multiple Choice)
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Substance over form was first introduced in the UK by the following accounting standard:
(Multiple Choice)
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Which of the following is not an element as defined in the Framework?
(Multiple Choice)
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Sales revenue should be recognised when goods and services have been supplied; costs are incurred when goods and services have been received.
The accounting concept which governs the above is the:
(Multiple Choice)
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Which of the following is not a measurement basis as stipulated in the framework document?
(Multiple Choice)
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At the end of the accounting period the value of the entity's building rises by £10,000, however, the £10,000 is not included in the income for the period. This 'non' adjustment is in accordance with the following concept:
(Multiple Choice)
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