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Accounting Concepts, Principles and Procedures
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Accounting Concepts, Principles and Procedures
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Accounting Principles and Concepts
25
Accounting Procedures
25
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Accounting Principles and Concepts
Which of the following letters should be included in the letter of representation?
Existence of immaterial mistake in the statement
Existence of any fraud or any error in the statement
Company’s growth trend in the future in figures
Market value of the company’s stock
Author:
rikazzz
Comment
Accounting Principles and Concepts
Which of the following is a series of constant cash flows that occur at the end of each period for some fixed number of periods?
Ordinary annuity
Annuity due
Perpetuity
None of the above
Author:
rikazzz
Comment
Accounting Procedures
What is the name given to a group of accounts that have a common characteristic, such as all customer accounts?
General journal
Subsidiary ledger
Special journal
General ledger
Author:
rikazzz
Comment
Accounting Procedures
The act of transferring information from the general journal to the general ledger is called:
Posting
Journalizing
Transferring
None of the above
Author:
rikazzz
Comment
Accounting Principles and Concepts
One of the following is not a characteristic of accounting principles:
Results-oriented
Factual
Practical
Summarizing
Author:
rikazzz
Comment
Accounting Principles and Concepts
According to consistency convention, accounting principles should be:
Consistent
Variable
Flexible
Factual
Author:
rikazzz
Comment
Accounting Principles and Concepts
Small audit firms provide the following services apart from:
Liquidation and receivership work, fraud auditing
Financial management and system consultancy
Financial system planning and preparation
Tax management and statutory form filling
Author:
rikazzz
Comment
Accounting Principles and Concepts
The accounting conventions do not include:
Depreciation convention
Conservatism convention
Consistency convention
Full disclosure convention
Author:
rikazzz
Comment
Accounting Principles and Concepts
During the accounting period, sales revenue is $25,000 and accounts receivable increases by $8,000. How much cash is received from customers for the period?
$33,000
$25,000
$17,000
$8,000
Author:
rikazzz
Comment
Accounting Procedures
The general journal is a book of what type of entries?
Initial entries
Original entries
Secondary entries
Generic entries
Author:
rikazzz
Comment
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