Accounting Concept

Accounting Concept

12th Grade

35 Qs

quiz-placeholder

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Accounting Concept

Accounting Concept

Assessment

Quiz

Other, Education, Financial Education

12th Grade

Practice Problem

Hard

Created by

Nagalakshmi muralidaran

Used 1+ times

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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.

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