SOCPA Practice Test 1

Financial reporting and accounting periods Marketing strategy Employee recruitment Website design

To record transactions in the correct period To avoid preparing statements To remove all invoices To ignore expenses

Invoices and bank statements Restaurant menus Travel brochures Office posters

recognized in the current period ignored forever recorded only after five years treated as inventory

recorded in the current period never recorded recorded as revenue removed from the statements

amounts owed by customers amounts owed to suppliers cash already paid to employees company tax penalties only

amounts the company owes customer cash receipts owner drawings only sales discounts only

financial position and performance only office decoration employee hobbies social media trends

Owners, lenders, and regulators Only website visitors Only delivery drivers Only restaurant customers

careful and evidence-based random and unsupported unrelated to accounting focused only on advertising

Financial Reporting and Accounting Periods