ACC204
The amount incurred by an entity for the purpose of earning revenue is known as
(a) credit sales
(b) expenses xxxx
(c) cash pay
(d) revenue
The method that applies a simple average of the unit costs/prices to the goods sold to determine the cost of goods sold and average of the unit costs to the units of closing inventory to get the value of closing inventory is known as
(a) depletion
(b) balancing
(c) machine hour
(d) simple average xxxxx
Goods bought by an entity for the purpose of resale is refer to as
(a) stock
(b) inventory
(c) cost of goods
(d) purchases xxxx
Profit and loss account is prepared to ascertain
(a) gross profit
(b) gross loss
(c) net profit qqq
(d) net value
Accounting concept that recognizes an entity to last for a long period of time is known as
(a) consistency
(b) going concern xxxx
(c) matching concept
(d) dual concept
Goods bought by an entity for the purpose of resale is refer to
(a) sales
(b) purchases xxxx
(c) stocks
(d) goods for resale
The assumption in which the last batches of goods are considered to be sold first prior to earlier purchases is known as
(a) FIFO method
(b) Valuation
(c) straight line
(d) LIFO xxxx
When an entity withdraws more cash from its bank account more than it actually has with the bank is known as
(a) overdraft xxxx
(b) income
(c) credit balance
(d) cash withdrawal
Which among the following is not a cash book items
(a) sales
(b) cash
(c) drawings
(d) Suspense xxxx
The full meaning of IFRS is
(a) Internal Financial Reporting Standard
(b) Internal Financial Reporting Standard
(c) International Financial Reporting Standards xxxx
(d) International Funds Regulatory Service
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