User:Bkabuatioer/Accounting Concepts/Learning Challenge/Quizzes

Reflection item 1

Choose the best concepts terms to fill in the spaces

Complete the missing words by filling in the correct 'concepts terms

• Accounting Concepts is Rules of Standard whereby Accountants are guided to prepare FinancialStatements
• When a business operates with the idea of future continuity, this is called Continuity Concepts
• Where the Business life span is divided into equal periods of time, this is called Accounting period
• Where there is one standard measurement in all of the Business economic value, this is called Monetary Concepts

Reflection item 2

Select the best Accounting term

Compelete the following by filling in the missing words

• Accounting Entity is one example of the AccountingConcepts
• A simple way to understand Accounting Concepts, is to define Accounting Concepts as Standard Rules

Multiple Choice Exercise

Multiple choice question

Study the list and select the examples of Accounting Concepts

• Select all that applies to examples of Accounting Concepts ????
  • Continuity Concepts
    • correct. Well done
  • Accounting Entity
    • Correct. Well done
  • Accounting Period
    • Correct. Well done
  • Historical Cost
    • Correct. Well done