
GAAP Review
Authored by Kayla Pless
Business
9th - 12th Grade
Used 7+ times

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33 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The principles and procedures that together make up accepted accounting pratice at any given time are know as?
International financial reporting standards
Principle of periodicity
Generally accepted accounting principles
Time period principle
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
_______ is more an art than a science?
Principle
Accounting
Procedures
Gaap
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
On which assumption are financial statements prepared under Indian Gaap ?
Add all sales and revenue then subtract out all expenses
Accounting principles board
Debit expenses, credit income
Principle of conservatism
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Various techniques used to discharge the functions of management accounting?
Marginal costing
Uniform costing
Budgetary control
All of the above
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Set of accounting is called
Accounting principle
IFRS
Financial accounting
Gaap
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How many basic accounting principles make up GAAP?
2
7
10
18
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Number of GAAP assumptions?
1
9
4
6
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