chapter 5 engineering management

chapter 5 engineering management

12th Grade

63 Qs

quiz-placeholder

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chapter 5 engineering management

chapter 5 engineering management

Assessment

Quiz

Mathematics

12th Grade

Practice Problem

Easy

Created by

Beatrice Nicole

Used 3+ times

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63 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

fundamental guideline that governs how financial transactions are recorded, summarized, and reported in financial statements.

Financial accounting principle

Accrual Principle

Matching Principle

Dual Aspects

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

is a fundamental concept that states that transactions should be recorded in the accounting period in which they occur, regardless of when the actual cash flows happen.

Financial accounting principle

Accrual Principle

Matching Principle

Dual Aspects

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

is a fundamental concept that states that transactions should be recorded in the accounting period in which they occur, regardless of when the actual cash flows happen.

Financial accounting principle

Accrual Principle

Matching Principle

Dual Aspects

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

specifies that costs and expenses are established when incurred, even before actual payments are made.

Financial accounting principle

Accrual Principle

Matching Principle

Dual Aspects

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Expenses are recognized by matching them with the revenue generated in a given account ing period.

Financial accounting principle

Accrual Principle

Matching Principle

Dual Aspects

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The assets of a company are always equal to the claims against it. This principle states that a company's assets are always equal to the sum of its liabilities and owner's equity.

ASSETS = LIABILITIES + OWNER'S EQUITY

Financial accounting principle

Accrual Principle

Matching Principle

Dual Aspects

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All relevant information is disclosed to the users of the company’s financial reports.

Full Disclosure Principle

Accrual Principle

Matching Principle

Dual Aspects

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