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Lecture 1 - Accounting Skills Quiz

The document discusses accounting principles including the matching principle, differences between perpetual and periodic inventory systems, entries for sales and purchases of goods on credit in a perpetual system, and the entry for depreciating an asset.

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CheongMin
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28 views

Lecture 1 - Accounting Skills Quiz

The document discusses accounting principles including the matching principle, differences between perpetual and periodic inventory systems, entries for sales and purchases of goods on credit in a perpetual system, and the entry for depreciating an asset.

Uploaded by

CheongMin
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Accounting Skills Quiz Week 1 Lecture

1. What is the accounting matching principle?

2. What is the difference between a perpetual and periodic inventory system?

3. What is the entry(s) for a sale of goods on credit in a perpetual inventory system?

4. What is the entry(s) for the purchase of goods on credit in a perpetual inventory
system?

5. What is the entry for depreciating an asset?

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