The accounting principle that states companies and owners should be accounted for separately.

Accounting Principles Quiz

Quiz
•
Mathematics
•
12th Grade
•
Medium
Harmawaty Nurkasman
Used 2+ times
FREE Resource
9 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
business entity concept
going concern concept
monetary unit assumption
periodicity assumption
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Companies not disclosing an imminent bankruptcy would violate the:
monetary unit assumption
going concern concept
business entity concept
periodicity assumption
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
The assumption that states that businesses can divide up their activities into artificial time periods.
periodicity assumption
business entity concept
monetary unit assumption
going concern concept
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Assets are recorded at their original purchase price according to the:
materiality principle
historical cost principle
cost benefit principle
consistency principle
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Management concealing important financial information violates the:
consistency principle
historical cost principle
full disclosure principle
materiality principle
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is not a value of accounting relevance?
predictive value
reliability
feedback value
timeliness
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is not a value of accounting reliability?
verifiability
representational faithfulness
neutrality
timeliness
8.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Switching accounting principles every year would violate the:
historical cost principle
conservatism principle
consistency principle
full disclosure principle
9.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Recording expenses and revenues in the same period in which they occur.
industry practices constraint
objectivity principle
matching principle
historical cost principle
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