Bad debts expense is not recognized in cash basis accounting

Question 9 options:

	True
	False

Question 11 (1 point)

Which of the following statements is incorrect?

Question 11 options:

	The explanation for every entry facilitates the link back to the original business documents
	Business transactions should be recorded chronologically
	Journalization and posting processes are bookkeeping in nature
	Posting refers to the process of transferring data from the ledger to the journal

Question 12 (1 point)

All of the following statements are correct except

Question 12 options:

	Journalization is the process of recording transactions in the ledger
	Journal is called book of original entry
	The entries in the journal are based on the business documents
	Entries in the general journal are presented chronologically

Identify the violation of accounting concept when the company acquired a refillable pen amounting to P50 and depreciated it because it is estimated to be used for five years

Question 27 options:

	Prudence
	Accrual
	Periodicity
	Materiality

Question 28 (1 point)

Identify the violation of accounting concept when the accountant records transactions as desired by the owner without proper supporting documents

Question 28 options:

	Economic Entity
	Going Concern
	Accrual
	Objectivity