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A loan that was taken out for 5 years requires a portion to be paid at the end of a 3 month period. Is this an example of a non-current liability?
No
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A mortgage is classed as a what?
Long term liability
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What is a definition of an asset?
Assets are resources owned by an organization
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Give 2 examples of an Asset
Car, Machine, Equipment
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What is an expense?
Money paid out as part of operational costs
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Which type of account contains information on people and firms?
Personal Accounts
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What is professional ethics?
Professional ethics are principles that govern the behavior of a person or group in a business environment. Like values
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Materiality is a type of accounting concept? Yes or No
Yes
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Capital is only considered as money invested in the business? True or False
False
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What is revenue?
additional source of income to the organization that may not be apart of its regular trading activity
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What is the difference between a current and non-current asset?
A current asset is only expected to be useful to business for up to 1 year while a non current asset is used for more than a year
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A partnership is easier to form than a company. True or False?
True
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Which class of accounts contains income and expenses?
Nominal Accounts
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Matching concept is an accounting concept. True or False?
True
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When you rather understate profits rather than over state we call this...
Prudence
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What is the accounting equation?
Assets= Capital + Liabilities
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Objectivity is where you allow your opinions to affect your decisions. True or False?
False
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Two examples of revenues
Rent received, Discounts received
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What is a liability defined as?
economic obligations or payables of the business
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How do you find Capital?
Assets - Liabilities
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Which class of account contains only possessions of the business?
Real Accounts
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Give 3 examples of an expense
rent , salary expense, insurance etc.
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The business entity concept means that the owner and the business are considered ONE ENTITY. Yes or No
No
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A sole trader has unlimited liability. True or False
True
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