Professional Documents
Culture Documents
8) going concern assumption means that the business is a discontinuing enterprise (×)
11) cost principle means that assets should be recorded at market value (×)
12) accounting entity concept means that the organization has a separate entity but not
separate from its owners (×)
13) certified public accountants offer a variety of accounting service to the public (√)
14) the main purpose of the accounting system is to meet the organization needs for
accounting information as efficiency as possible (√)
15)an accounting system consists of the personnel , procedures ,device & records used by
. an organization (√)
18) stable currency assumption means that the purchasing power of currency is stable ( √ )
19) accrual basis means that revenue should be recorded at point of collection (×)