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Accounting Concept

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  • 1. Multiple Choice
    1 minute
    1 pt

    When the owner of a business takes goods from inventory for his own personal use, which of the following accounting principles should be considered?

    Consistency

    Going concern

    Money measurement

    Business entity

  • 2. Multiple Choice
    1 minute
    1 pt

    Items should be included in the financial statements if their omission would mislead the users of the financial statements. Which one of the following accounting principles governs this?

    Consistency

    Accruals

    Materiality

    Money measurement

  • 3. Multiple Choice
    1 minute
    1 pt

    A business owns a non-current asset which cost $4,000 and is recorded at its carrying amount in the financial statements. Which of the following accounting principles has been applied?

    Going concern

    Business entity

    Consistency

    Money measurement

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