10. The assumption which requires transactions to be recognised in the accountin

Question

10. The assumption which requires transactions to be recognised in the accounting reports when they occur and not when the cash is received or paid is a. Accrual basis b. Accounting entity c. Materiality d. Accounting period 11. Accounting is a profession that has evolved in response to society's need for economic information to help people make: a. Dollars b. Decisions c. Demands d. Donations 12. A balance sheet: Is classified into operating, investing and financing activities b. Must always be prepared in the account or T format a. c. Shows how profit was determined d. Lists assets, liabilities and equity at a specific point in time 13. The type of behaviour that would be regarded as unethical is/are: a. Blaming others for your own mistakes b. Using confidential information for personal gain c. d. All of the above Manipulating the financial statements 14. How many of the following are differences between management and financial accounting? o o o Types of reports produced Frequency of reports The format of reports The users of reports a. One b. Two c. Three d. Four

Explanation / Answer

10. a. Accrual basis

11. b. Decisions

12. d. Lists assets, liabilties, and equity at a specific point in time.

13. d. All of the above

14. d. Four

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