Accounting Concepts, Principles and Procedures
What is the cash basis of accounting?
When cash comes in, something else must go out.
Cash is always the most liquid asset.
Revenue and expenses are recognized as cash comes in or goes out.
All assets must be recorded by how much cash theyโre worth at that very moment.
Revenue and expenses are recognized as cash comes in or goes out.
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What does the certification CA in Canada stand for?A. Accrued revenue
B. Chartered Accountant
C. All of the above
D. Nome of the above
A costing system that tracks costs to a specific lot of a product is which kind of costing system?
A. Activity based costing system
B. Backflush costing system
C. Process costing system
D. Job order costing system
Assets โ Liabilities = ____?
A. Net Income
B. Revenue
C. Net Loss
D. Shareholderโs Equity
A primary user of accounting information with a direct financial interest in the business is aโฆ?
A. labour union
B. director
C. taxing authority
D. regulatory agency
What is the normal balance for an expense account?
A. Credit
B. Debit
C. Contraliability
D. None of these
When revenue is greater than expenses, you have a ___?
A. Net Loss
B. Net Income
C. Contributed Capital
D. Historical Valuation
In the term โBalance C/Dโ, what does โC/Dโ stand for?
A. caught down
B. carry down
C. carry does it
D. caught does it
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