Accounting Theory
Authored by Chee Lee
Other
5th - 6th Grade
Used 3+ times
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6 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Identify this accounting theory:
The life of a business is divided into regular time intervals.
Accounting Entity
Accounting Period
Accrual basis of accounting
Monetary
2.
FILL IN THE BLANK QUESTION
1 min • 5 pts
Identify this accounting theory: ________
Expenses incurred must be matched against income earned in the same period to determine the profit for that period
3.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Identify this accounting theory.
Business activities that have occurred, regardless of whether cash is paid or received, should be recorded in the relevant period.
Accounting Entity
Consistency
Going Concern
Accrual basis of accounting
4.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Identify this accounting theory.
The activities of a business are separate from the actions of the owner. All transactions are recorded from the point of view of the business.
Accounting Entity
Objectivity
Historical Cost
Revenue Recognition
5.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Identify this accounting theory.
A business is assumed to have an indefinite economic life unless there is credible evidence that it may close down.
Monetary
Materiality
Going Concern
Consistency
6.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Identify this accounting theory.
Only business transactions that can be measured in monetary terms are recorded.
Monetary
Materiality
Matching
Objectivity
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