Question 1
A sole trader pays the family grocery bill from the business bank account and records it as a business expense. Which accounting concept does this violate?
Correct Answer:
Business entity concept
Question 2
Preparing financial statements on the assumption that the business will continue to operate for the foreseeable future is an application of which concept?
Correct Answer:
Going concern concept
Question 3
Under the accruals (matching) concept, the rent expense charged in the income statement for a year is:
Correct Answer:
The rent that relates to the year, whether paid or not
Question 4
The fundamental rule of double-entry bookkeeping is that:
Correct Answer:
For every debit entry there must be an equal credit entry
Question 5
Closing inventory is valued at the lower of cost and net realisable value. Which accounting concept is being applied?
Correct Answer:
Prudence
Question 1
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About this Exam

Prepare with the Pancyprian Accounting Practice Questions - Cyprus Pancyprian Access Examination Accounting (ΛΟΓΙΣΤΙΚΗ, code 025) Exam practice quiz. This question bank includes 100 questions covering business, year, account, entry, and depreciation. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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Pancyprian Accounting Practice Questions - Cyprus Pancyprian Access Examination Accounting (ΛΟΓΙΣΤΙΚΗ, code 025) Exam

This practice set contains 100 questions from the matching question bank and focuses on business, year, account, entry, and depreciation. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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