Accounting Assumptions

Accounting Assumptions

11th - 12th Grade

11 Qs

quiz-placeholder

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Accounting Assumptions

Accounting Assumptions

Assessment

Quiz

Business

11th - 12th Grade

Practice Problem

Medium

Used 213+ times

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11 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accounting Assumptions are

the generally accepted way of doing things as an accountant

the technical definitions, rules and procedures for reporting transactions worldwide

the suggested ways an accountant may do things

different in every country

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How many Accounting Assumptions are there in the accounting system

3

2

4

1

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accounting Assumptions describe the generally agreed principles that underpin the preparation of financial reports

False

True

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The assumption that states the records of assets, liabilities, and business activities of the entity are kept completely separate from the owner as well as from other entities is the

going concern assumption

accrual basis assumption

entity assumption

period assumption

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Accounting Entity Assumption is important as it helps to

record, report and value assets that have occurred and will have an effect in the future

work out whose financial information is being assessed

determine which transactions are included or excluded

define the period of time for which we are reporting

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Going Concern Assumption is important as it helps to

record, report and value assets that have occured and will have an effect in the future

work out whose financial information is being assessed

determine which transactions are included or excluded

define the period of time for which we are reporting

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Period Assumption is important as it helps to

record, report and value assets that have occured and will have an effect in the future

work out whose financial information is being assessed

determine which transactions are included or excluded

define the period of time for which we are reporting

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