
Accounting Coach (3/8/2024)
Authored by Marky Montalvo
Computers
Professional Development
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11 questions
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1.
MULTIPLE CHOICE QUESTION
10 sec • 2 pts
The personal assets of the owner of a company will not appear on the company's balance sheet because of which principle/guideline?
Cost
Economic Entity
Monetary Unit
2.
MULTIPLE CHOICE QUESTION
10 sec • 2 pts
Which principle/guideline requires a company's balance sheet to report its land at the amount the company paid to acquire the land, even if the land could be sold today at a significantly higher amount?
Cost
Economic Entity
Monetary Unit
3.
MULTIPLE CHOICE QUESTION
10 sec • 2 pts
Under which inventory cost flow assumption is the cost of the most recent purchase matched first with sales revenues?
FIFO
LIFO
Average
4.
MULTIPLE CHOICE QUESTION
10 sec • 2 pts
Under which inventory cost flow assumption is the cost of the most recent purchases likely to remain in inventory?
FIFO
LIFO
Average
5.
MULTIPLE CHOICE QUESTION
10 sec • 2 pts
Which principle/guideline justifies a company violating an accounting principle because the amounts are immaterial?
Conservatism
Full Disclosure
Materiality
6.
MULTIPLE CHOICE QUESTION
10 sec • 2 pts
A company borrowed $100,000 in December and will make its only payment for interest when the note comes due six months later. The total interest for the six months will be $3,600. On the December income statement the accountant reported Interest Expense of $600. This action was the result of which accounting principle/guideline?
Matching
Costsdf
7.
FILL IN THE BLANK QUESTION
30 sec • 5 pts
Adjusting entries help to achieve the ____________ principle.
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