SHORT/LONG ACCOUNTING PERIODS
Short and Long Accounting Periods Quiz
Test your knowledge of accounting periods with our engaging quiz! This quiz covers vital concepts such as accruals, disposal dates, and time apportionment related to financial accounting.
- 6 multiple choice questions
- Whether accounting periods can exceed 12 months
- Understanding charitable donations in accounting
An accounting period ends when a company commences trade
True
False
Which of the following is never time apportioned
Annual Investment allowance
First-year allowance
Writing-down allowance
The accruals basis of accounting applies to finance income and property business income
True
False
What would be classed as the date of disposal of an asset
The date the asset is transferred to the buyer
The date of the binding contract
An accounting period for corporation tax purposes can exceed 12 months
True
False
Please finish the sentence: Qualifying charitable donations are split between the accounting periods by _______
Time-apportionment
Date donation was paid
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