Search Header Logo

Accounting Concepts and Principles

Authored by Jeanine Bryde

Mathematics

11th - 12th Grade

Used 52+ times

Accounting Concepts and Principles
AI

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

    Content View

    Student View

20 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

20 sec • 1 pt

“GAAP” refers to ______________.

Guidelines for Accountants, Accounting Procedures

General Association of Accounting Practitioners

General Accounting and Auditing Principles

Generally Accepted Accounting Principles

2.

MULTIPLE SELECT QUESTION

20 sec • 1 pt

The requirement that only transaction data capable of being expressed in terms of money be included in the accounting records relates to the ____________.

Business Entity

Unit of Measure

Historical Cost

both b and c

3.

MULTIPLE SELECT QUESTION

20 sec • 1 pt

The assumed continuation of a business entity in the absence of evidence to the contrary is an example of the accounting concept of ______________.

Going Concern

Materiality

Objective Evidence

Consistent Reporting

4.

MULTIPLE SELECT QUESTION

20 sec • 1 pt

Revenue is recorded in the period it is earned, regardless of the time the cash is received or collected. What principle underlies this accounting transaction?

Historical Cost

Realization of Revenue

Matching Revenue and Expenses

Neutrality

5.

MULTIPLE SELECT QUESTION

20 sec • 1 pt

Mr. Alexis Cruz, the owner of Bilis Serbisyo Repair Shop, bought supplies for his son's school project. This is a personal transaction of the owner and should not be recorded in the accounting books of the business. What assumptions underlie this accounting transaction?

Business Entity

Full Disclosure

Going Concern

Objective Evidence

6.

MULTIPLE SELECT QUESTION

20 sec • 1 pt

GAAP is a widely accepted set of rules, concepts, and principles that govern the application of accounting procedures.

TRUE

FALSE

7.

FILL IN THE BLANK QUESTION

20 sec • 1 pt

All relevant information should be included in the financial reports.

Access all questions and much more by creating a free account

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

Already have an account?