Question

Choose the Correct Answer
1. During the life-time of an entity accounting produce financial statements in
accordance with which basic accounting concept:
(a) Conservation
(b) Matching
(c) Accounting period
(d) None of the above
2. When information about two different enterprises have been prepared presented
in a similar manner the information exhibits the characteristic of:
(a) Verifiability
(b) Relevance
(c) Reliability
(d) None of the above
3. A concept that a business enterprise will not be sold or liquidated in the near
future is known as :
(a) Going concern
(b) Economic entity
(c) Monetary unit
(d) None of the above
4. The primary qualities that make accounting information useful for decision-making
are :
(a) Relevance and freedom from bias
(b) Reliability and comparability
(c) Comparability and consistency
(d) None of the above

Answer 1

1) During the life-time of an entity accounting produce financial statements in accordance with which basic accounting concept :

(c) Accounting period

2) When information about two different enterprises have been prepared presented in a similar manner the information exhibits the characteristic of:

(d) None of the above

3) A concept that a business enterprise will not be sold or liquidated in the nearvfuture is known as :

(a) Going concern

4) The primary qualities that make accounting information useful for decision-making

are :

(b) Reliability and comparability

Answer 2

Answer:

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