Refresh or test your accounting knowledge by answering the following questions on Basic Accounting. If you are unsure of the answer please click to { see article} to re-learn what you have missed.
Questions
1.0 Name two main financial statements drawn by accountants? { see article} { see article} & { see article} 2.0 List five important accounting concepts?{ see article} 3.0 Describe the Accounting Assumptions 4.0 Describe the Accounting Principles 5.0 Describe the Accounting Constraints { for item 3 to 5 —> see article 6.0 Describe the financial statements of a proprietorship and explain how they interrelate: Income Statement; Statement of owner’s equity; Balance Sheet and Statement of cash flows { see article} 7.0 Explain briefly what is meant by: (a) The money measurement concept? {see article} (b) The prudence concept? {see article} 8.0 Suggest four(4) possible values which might be attributed to an asset in the balance sheet of a business
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