ACC1001 - ACF1001 - Accounting fundamentals - S1 2025
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Which of the following statement is true?
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0%
100%✨
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ABC Accounting is a small business offering accounting services to their clients, their gross profit will be calculated as revenue minus:
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0%
100%✨
0%
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In a service business, revenue is considered earned:
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100%
0%
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The double-entry system requires that each transaction must be recorded:
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✅✨
❌
❌
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The purchase of an asset for cash:
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0%
50%
❌✨
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The cash payment of a liability:
❌
❌
✅
❌
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If expenses are paid in cash, then:
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100%
0%
0%
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Limited liability for a company applies to the
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0%
0%
100%
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Which of the following statement is true:
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0%
100%
0%
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Which of the following is not an advantage of the company form of business?
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0%
100%
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