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SHORT/LONG ACCOUNTING PERIODS

An informative illustration depicting various accounting concepts, with elements like calendars, finances, and graphs that emphasize short and 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

6 Questions2 MinutesCreated by CalculatingEagle42

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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