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Year 11 Exam  >  Year 11 Tests  >  Test: Accounting Principles and Policies - Year 11 MCQ

Test: Accounting Principles and Policies - Year 11 MCQ


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10 Questions MCQ Test - Test: Accounting Principles and Policies

Test: Accounting Principles and Policies for Year 11 2024 is part of Year 11 preparation. The Test: Accounting Principles and Policies questions and answers have been prepared according to the Year 11 exam syllabus.The Test: Accounting Principles and Policies MCQs are made for Year 11 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Accounting Principles and Policies below.
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Test: Accounting Principles and Policies - Question 1
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Which accounting principle ensures that a business owner's personal financial activities are distinct from those of the business?

Detailed Solution for Test: Accounting Principles and Policies - Question 1
The principle of Business Entity/Accounting Entity and Ownership ensures separation between the business owner's personal finances and those of the business.
Test: Accounting Principles and Policies - Question 2
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Which principle dictates that every financial transaction involves two aspects: giving and receiving?

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The Duality/Dual Aspect principle is fundamental in double-entry bookkeeping, stating that each transaction has both a debit and a credit aspect.
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Test: Accounting Principles and Policies - Question 3
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Under which principle are only financial items that can be quantified in monetary terms recorded?

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Money Measurement principle ensures that only transactions measurable in monetary terms are included in financial records.
Test: Accounting Principles and Policies - Question 4
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Which principle assumes that a business will continue its operations indefinitely?
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The Going Concern principle assumes that a business will operate indefinitely, impacting how assets and liabilities are valued.
Test: Accounting Principles and Policies - Question 5
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Under which principle are non-current assets typically valued at cost minus depreciation?
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The Historical Cost principle states that assets are recorded at their original purchase cost in the ledger accounts.
Test: Accounting Principles and Policies - Question 6
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Which principle requires consistent application of accounting methods across different periods?
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Consistency principle ensures that once an accounting method is chosen, it should be applied consistently to facilitate accurate comparisons over time.
Test: Accounting Principles and Policies - Question 7
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Under which principle is revenue matched with the corresponding expenses of the same accounting period?
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The Accruals/Matching principle ensures that expenses incurred in earning revenue are matched with that revenue in the same accounting period.
Test: Accounting Principles and Policies - Question 8
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Which principle emphasizes the cautious treatment of profits, assets, and liabilities?
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Prudence principle requires that anticipated losses should be recognized immediately, but profits should only be recognized when realized.
Test: Accounting Principles and Policies - Question 9
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Under which principle are insignificant items typically disregarded or grouped together?
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Materiality principle allows for the exclusion of immaterial items from financial statements to focus on more significant financial data.
Test: Accounting Principles and Policies - Question 10
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Which principle assumes that financial statements are prepared at regular intervals?
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Accounting Period principle divides a business's financial life into regular periods for reporting and comparison purposes.
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