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VCE Accounting - Unit 1 AOS 1 Terminology - Statistics
General Stats
- This quiz has been taken 14 times
- The average score is 10 of 30
Answer Stats
| Definition | Term | % Correct |
|---|---|---|
| Records, assets, liabilities and business activities of the entity must be kept separate from those of the owner or other entities (Accounting Assumption) | Accounting Entity Assumption | 63%
|
| When two or more people are in a business together operating under their own names or a registered business name with a view to making a profit. | Partnership | 63%
|
| Financial events are recorded and reported for a specific period of time, which allows valid comparisons of performance to be made (Accounting Assumption) | Period Assumption | 63%
|
| When businesses buy on credit from their suppliers, and must pay off their account within a certain period of time. | Accounts Payable | 50%
|
| Financial reports should be prepared using consistent accounting methods so that performance can be compared (Qualitative Characteristic) | Comparability | 50%
|
| A business will continue to operate indefinitely and will not be wound up in the near future (Accounting Assumption) | Going Concern Assumption | 50%
|
| Financial information should relate to an economic decision (Qualitative Characteristic) | Relevance | 50%
|
| Relevant information should be available to decision makers in time to influence their decisions (Qualitative Characteristic) | Timeliness | 50%
|
| Users with a reasonable knowledge of business and economics should be able to find the financial information understandable (Qualitative Characteristic) | Understandability | 50%
|
| Revenue and expenses are recognised when they can be measured in a faithful and verifiable way (Accounting Assumption) | Accrual Basis Assumption | 38%
|
| Present economic resources under the control of a business entity, with the potential to produce future economic benefits for the business | Assets | 38%
|
| A decrease in assets or an increase in liabilities that result in a decrease in owner's equity | Expenses | 38%
|
| Information being reported must be complete, without bias, and free from error (Qualitative Characteristic) | Faithful Representation | 38%
|
| An entity's present obligations to transfer economic resources to another entity | Liabilities | 38%
|
| The owner's remaining value or interest in a business after liabilities are deducted from assets | Owner's Equity | 38%
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| An increase in assets or decrease in liabilities, that result in an increase in owner's equity, achieved by providing goods or services to their customers | Revenue | 38%
|
| A type of business that buys inventory and resells them, usually at a higher price | Trading Business | 38%
|
| Customers who buy on credit and will pay off their account within a certain period of time. | Accounts Receivable | 25%
|
| Raw facts and figures | Financial Data | 25%
|
| Data put into a meaningful form for particular use | Financial Information | 25%
|
| The excess of revenues over expenses for a specific period of time | Profit | 25%
|
| A type of business that performs a particular service for the customer, and receives a fee for their service. | Service Business | 25%
|
| When a single owner operates the business in their own right, and under their own name or a registered business name. | Sole Proprietorship | 25%
|
| A type of business that uses raw materials to make products. | Manufacturing Business | 13%
|
| A type of business that combines different types of operation. | Mixed Business | 13%
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| An exchange of either goods or services with another entity for payment | Transaction | 13%
|
| Information can be confirmed as correct, and accounting information can be checked against business documents (Qualitative Characteristic) | Verifyability | 13%
|
| Business operators compete for a share of the dollars available for spending. | Market Reactions | 0%
|
| A percentage added to a product cost to determine the selling price. | Percentage Mark-Up | 0%
|
| A suggested retail price set by a supplier. | Recommended Retail Price | 0%
|
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