Grade 10 Accounting Flashcard Challenge!
Flashcard
•
Other, Education
•
10th - 12th Grade
•
Practice Problem
•
Hard
Chamell Moss
FREE Resource
Student preview

32 questions
Show all answers
1.
FLASHCARD QUESTION
Front
GAAP sets the standards for the creation of what?
Back
All answers are correct
2.
FLASHCARD QUESTION
Front
Antonio, the majority shareholder of a technology company, decided to produce the company's balance sheet whose cash balance included the cash in his own bank account. Would Michael be allowed to do this by GAAP?
Back
No, because of the economic entity assumption.
3.
FLASHCARD QUESTION
Front
What does GAAP stand for?
Back
Generally Accepted Accounting Principles
4.
FLASHCARD QUESTION
Front
How many GAAP principles are there?
Back
10
5.
FLASHCARD QUESTION
Front
What are guidelines that help a business to prepare the financial statements in a consistent and reliable manner?
Back
IFRS (International Financial Reporting standards)
6.
FLASHCARD QUESTION
Front
What is the international set of accounting standards used in South Africa known as?
Back
GAAP in South Africa
7.
FLASHCARD QUESTION
Front
This concept focuses on the valuation of assets which have been purchased by the business - general rule is that assets are to be calculated and entered in the books by the original cost price (quoted on invoice/paid).
Back
Historical cost concept
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