Accounting Principles and Concepts MCQ Quiz

Accounting Principles and Concepts MCQ Quiz

12th Grade

10 Qs

quiz-placeholder

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Accounting Principles and Concepts MCQ Quiz

Accounting Principles and Concepts MCQ Quiz

Assessment

Quiz

Mathematics

12th Grade

Hard

Created by

Harmawaty Nurkasman

Used 3+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following is not a characteristic of accounting principles?

Results-oriented

Factual

Practical

Summarizing

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following is not a feature of the separate entity concept?

Business and owner are treated as separate entities

This concept is followed in all types of businesses

Personal affairs of the owner should not be considered

Business should not be dissolved in the near future

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Going concern can be defined best as:

This concept refuses allocation of cost on different accounting periods.

This concept discusses the issue of the realization of profit.

This concept assumes that the business will operate for a long period of time and will not be dissolved in the near future.

The concept provides the basis for the formation of the accounting equation.

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Matching concept does not include one of the following:

The revenues of a particular period must match with the expenses of that period.

This concept also required allocation of cost on different accounting periods.

Revenues should only be recorded if there is reasonable certainty about its realization.

The comparison of incomes and expenses of a period gives the net profit or loss for that particular period.

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The accounting conventions do not include:

Consistency convention

Conservatism convention

Depreciation convention

Full disclosure convention

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The realization concept does not include one of the following features:

The concept stresses that revenues should only be recorded if there is reasonable certainty about their realization.

The concept requires proper care when calculating revenue.

The concept describes the problems that may arise in the calculation of incomes and expenses.

The concept explains that the comparison of incomes and expenses for a particular period can give the period's net result.

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

According to consistency convention, accounting principles should be:

Consistent

Factual

Variable

Flexible

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