The Accounting Concepts: Entity Concept, Going Concept, Money Measurement - SS1 Accounting Past Questions and Answers - page 1
1
Which accounting concept assumes that a business will continue to operate into the foreseeable future?
View related lesson
A
Entity concept
B
Going concern concept
Â
C
Monetary unit concept
D
Cost concept
2
Which accounting concept requires that only monetary transactions should be recorded in a business's financial statements?
View related lesson
A
Entity concept
B
Going concern concept
C
Monetary unit concept
D
Cost concept
3
Which accounting concept assumes that assets should be recorded at their historical cost?
View related lesson
A
Entity concept
B
Going concern concept
C
Monetary unit concept
D
Cost concept
4
Which accounting concept requires that expenses be matched with the revenue they generate?
View related lesson
A
Entity concept
B
Going concern concept
C
Matching concept
D
Accruals concept
5
Which accounting concept requires that revenue and expenses be recorded when they are earned or incurred, rather than when payment is received or made?
View related lesson
A
Matching concept
B
Accruals concept
C
Consistency concept
D
Cost concept
6
What is the entity concept in accounting?
View related lesson
7
What is the purpose of the consistency concept in accounting?
View related lesson
Loading lesson…