NCEA

Question 1

What are the financial elements for NCEA accounting purposes?

Answer 1

• assets
• liabilities
• income
• expense
• equity

Question 2

For NCEA accounting purposes, what are these?
•	assets
•	liabilities
•	income
•	expense
•	equity

Answer 2

Financial elements

Question 3

What are the concepts applied in NCEA Accounting Level 1?

Answer 3

• capital and revenue expenditure
• depreciation
• accounting entity
• monetary measurement
• going concern
• period reporting
• accrual basis
• historical cost.

Question 4

What is the acronym describing the concepts introduced in NCEA Accounting Level 1?

Answer 4

CDAMGPAH

Question 5

What are these?
•	capital and revenue expenditure
•	depreciation 
•	accounting entity
•	monetary measurement
•	going concern
•	period reporting
•	accrual basis
•	historical cost.

Answer 5

Accounting Concepts applied in NCEA Accounting level 1