Accounting Term Quiz - for prizes!

All the changes in the accounts caused by one business transaction, expressed in terms of debits and credits. For each entry, the total of the debit amounts will equal the total of the credit amounts.

• Account balance

• Accounting cycle

• Accounting entry

• Accounting period

The money that is owed to a business by its customers. This money is considered an asset of the business.

• Accounts payable

• Accounts receivable ledger

• Accounts receivable

• Bank

The money that a business owes to its creditors. This money is a liability of the business.

• Accounts receivable

• Accounts payable ledger

• Accumulated depreciation

• Accounts payable

A set of accounting standards established by the Accounting Standards Board to help private Canadian organizations make the transition to global standards.

• GAAP

• IFRS

• APSE

• IASB

The principle that a business's accounting records must be based on clear, verifiable evidence. This means that different people will reach the same conclusions when looking at same documents.

• Revenue Recognition Principle

• Matching Principle

• IF Function

• Objectivity Principle

The concept that accounting must take place over specific fiscal periods that are of equal length and are used when measuring the financial progress of a business.

• Matching Principle

• Watch Your Time Concept

• Time Period Concept

• Fiscal Period Concept

An IFRS rule that allows accountants to record assets at their market rather than historic values.

• Market Value Model

• Readjustment Model

• Revaluation Model

• Get it Right Model

Transposition error is a mistake caused by the interchanging of digits when transferring figures from one place to another. The trial balance difference that results from such an error is always exactly divisible by 10.

• True

• False

Declining balance method of depreciation. Under this method, the asset's annual depreciation becomes progressively smaller.

• True

• False

Continuing ________ concept; The assumption that a company will continue to operate normally unless it is known that it will not.