Which of the following is time spann into which the total life of a business is
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Which of the following is time spann into which the total life of a business is divided for the purpose of preparing financial statements?
Fiscal year
Calendar year
Accounting period
Accrual period
Answer : C
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1) Provision for cash discount on debtors is a percentage of
2) The going concern concept assumes that
The entity continue running for forseeable future
The entity continue running until the end of accounting period
The entity will close its operation in 10 years
The entity can't be liquidated
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3) In the calculation of depreciation, all of the following items are actually estimates except:
4) The matching concept matches which of the following?
5) Which of the following is the effect on net income if a business decreases its provision for bad debts?
It will increase net income
It will decrease net income
No effect
It will increase gross profit and net income
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