
Accounting Concept

Quiz
•
Other, Education, Financial Education
•
12th Grade
•
Hard
Nagalakshmi muralidaran
Used 1+ times
FREE Resource
35 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
45 sec • 5 pts
The historical cost principle requires that when assets are acquired, they be recorded at
appraisal value.
cost.
market price.
book value.
2.
MULTIPLE CHOICE QUESTION
45 sec • 5 pts
GAAP stands for
Generally Accepted Auditing Procedures.
Generally Accepted Accounting Principles.
Generally Accepted Auditing Principles.
Generally Accepted Accounting Procedures
3.
MULTIPLE CHOICE QUESTION
45 sec • 5 pts
If services are rendered for credit, then
assets will decrease.
liabilities will increase.
owner's equity will increase.
liabilities will decrease.
4.
MULTIPLE CHOICE QUESTION
45 sec • 5 pts
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 • 5 pts
Profit is determined by subtracting income from expenses.
True
False
6.
MULTIPLE CHOICE QUESTION
45 sec • 5 pts
The equation(s) below represent(s) how the equity in a business is determined:
Equity =
Assets – Liabilities
Assets =
Equity + Liabilities
Liabilities =
Assets – Equity
All of the above
None of the above
7.
FILL IN THE BLANK QUESTION
45 sec • 5 pts
______ is the net worth of a business.
Create a free account and access millions of resources
Similar Resources on Wayground
30 questions
Financial Literacy Review

Quiz
•
9th - 12th Grade
33 questions
Money Management Review 2023

Quiz
•
9th - 12th Grade
34 questions
Money Management

Quiz
•
9th - 12th Grade
40 questions
Ulangan MYOB kelas XI

Quiz
•
12th Grade - University
35 questions
FABM 2 - QUIZ (Accounting Cycle)

Quiz
•
12th Grade
30 questions
Quiz#5

Quiz
•
12th Grade
35 questions
Q4 Entrepreneurship Reviewer SY 2023 - 2024

Quiz
•
12th Grade
36 questions
Credit Management

Quiz
•
9th - 12th Grade
Popular Resources on Wayground
18 questions
Writing Launch Day 1

Lesson
•
3rd Grade
11 questions
Hallway & Bathroom Expectations

Quiz
•
6th - 8th Grade
11 questions
Standard Response Protocol

Quiz
•
6th - 8th Grade
40 questions
Algebra Review Topics

Quiz
•
9th - 12th Grade
4 questions
Exit Ticket 7/29

Quiz
•
8th Grade
10 questions
Lab Safety Procedures and Guidelines

Interactive video
•
6th - 10th Grade
19 questions
Handbook Overview

Lesson
•
9th - 12th Grade
20 questions
Subject-Verb Agreement

Quiz
•
9th Grade
Discover more resources for Other
40 questions
Algebra Review Topics

Quiz
•
9th - 12th Grade
19 questions
Handbook Overview

Lesson
•
9th - 12th Grade
62 questions
Spanish Speaking Countries, Capitals, and Locations

Quiz
•
9th - 12th Grade
20 questions
First Day of School

Quiz
•
6th - 12th Grade
6 questions
Maier - AMDM - Unit 1 - Quiz 1 - Estimation

Quiz
•
12th Grade
21 questions
Arithmetic Sequences

Quiz
•
9th - 12th Grade
21 questions
9th Grade English Diagnostic Quiz

Quiz
•
9th - 12th Grade
7 questions
Characteristics of Life

Interactive video
•
11th Grade - University