Accounting Principles and Charaterisitics

Accounting Principles and Charaterisitics

Assessment

Flashcard

Business

University

Hard

Created by

Andrew Crews

FREE Resource

Student preview

quiz-placeholder

18 questions

Show all answers

1.

FLASHCARD QUESTION

Front

Belief that a company will remain in operation for the foreseeable future

Back

Going Concern Assumption

2.

FLASHCARD QUESTION

Front

Indicates that personal and business recordkeeping should be separately maintained

Back

Economic Entity Assumption

3.

FLASHCARD QUESTION

Front

Only those items that can be expressed in money are included in the accounting records

Back

Monetary Unit Assumption

4.

FLASHCARD QUESTION

Front

Separates financial information into time periods for reporting purposes

Back

Periodicity Assumption

5.

FLASHCARD QUESTION

Front

Measurement basis used when a reliable estimate of fair value is not available

Back

Historical Cost Principle

6.

FLASHCARD QUESTION

Front

Dictates that companies should report all circumstances and events that make a difference to financial statement users

Back

Full Disclosure Principle

7.

FLASHCARD QUESTION

Front

Accounting information cannot be selected, prepared, or presented to favor one set of interested users over another

Back

Neutrality

Create a free account and access millions of resources

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

By signing up, you agree to our Terms of Service & Privacy Policy

Already have an account?