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GAAP Activity

Authored by Anonymous Anonymous

Business

11th Grade

Used 26+ times

GAAP Activity
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10 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

All business transactions are separated from the owner’s personal transactions.

Accounting Assumption

Accounting Principle

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

This refers to the amount spent when an item was originally obtained.

Accounting Principle

Accounting Assumption

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The accountant should include sufficient information for users to make informed judgments.

Accounting Assumption

Accounting Principle

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Expenses must be matched with revenues.

Accounting Assumption

Accounting Principle

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Business transactions are recognized when they occur.

Accounting Assumption

Accounting Principle

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The relevance of the historical cost principle is dependent on going concern assumption.

Accounting Principle

Accounting Assumption

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Economic activities in the Philippines are reported in Philippine peso.

Accounting Principle

Accounting Assumption

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