
Assumptions, Characteristics and Accounting Elements
Authored by Vicki Baron
Other
11th Grade
Used 4+ times

AI Actions
Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...
Content View
Student View
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are accounting assumptions?
Basic principles that underlie the preparation of financial statements
A type of financial statement
A method of calculating taxes
A software used for accounting
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the accounting entity assumption?
The accounting entity assumption is the principle that separates the transactions of the business from the personal transactions of its owners.
The accounting entity assumption is the principle that combines the transactions of the business with the personal transactions of its owners.
The accounting entity assumption is the principle that requires all transactions to be recorded in a single currency.
The accounting entity assumption is the principle that mandates the use of historical cost for asset valuation.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Anika is analyzing the financial statements of a business. What does the going concern assumption imply?
The business will continue to operate indefinitely
The business is expected to close within a year
The business will be sold soon
The business is facing financial difficulties
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Abigail is preparing financial statements for her small business. What is the period assumption in accounting?
The assumption that financial statements are prepared for a specific period of time.
The assumption that all transactions are recorded in the period they occur.
The assumption that the business will continue to operate indefinitely.
The assumption that financial statements are prepared on a cash basis.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Ethan runs a small business and wants to understand the accrual basis of accounting. What does it mean?
Revenues and expenses are recorded when they are earned or incurred, regardless of when the cash is received or paid.
Revenues and expenses are recorded only when cash is received or paid.
Only revenues are recorded when cash is received, expenses are recorded when incurred.
Only expenses are recorded when cash is paid, revenues are recorded when earned.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Zoe is learning about accounting in her business class. She wants to know what the elements of accounting are. Can you help her?
Assets, Liabilities, and Equity
Revenue, Expenses, and Profit
Cash, Inventory, and Receivables
Budgeting, Forecasting, and Planning
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Hannah runs a small bakery. What is revenue in accounting terms for her business?
Revenue in accounting terms refers to the income generated from normal business operations and includes discounts and deductions for returned merchandise.
Revenue in accounting terms refers to the total expenses incurred by a business during a financial period.
Revenue in accounting terms refers to the net profit after all expenses have been deducted from total income.
Revenue in accounting terms refers to the total assets owned by a business at the end of a financial year.
Access all questions and much more by creating a free account
Create resources
Host any resource
Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever
or continue with

Microsoft
%20(1).png)
Apple
Others
Already have an account?
Similar Resources on Wayground
15 questions
Test Anxiety Review Practice
Quiz
•
9th - 12th Grade
15 questions
CHN 1 EXPANDED PROGRAM ON IMMUNIZATION
Quiz
•
7th Grade - University
15 questions
Trivia Day
Quiz
•
9th Grade - University
10 questions
Trial - Quiz Bowl HS
Quiz
•
10th - 12th Grade
15 questions
Once Upon a Time Season 1
Quiz
•
9th Grade - University
16 questions
Fortnite
Quiz
•
KG - Professional Dev...
13 questions
rubiks cube quiz
Quiz
•
KG - Professional Dev...
20 questions
Area 4 July 3rd week quiz
Quiz
•
1st - 12th Grade
Popular Resources on Wayground
15 questions
Fractions on a Number Line
Quiz
•
3rd Grade
20 questions
Equivalent Fractions
Quiz
•
3rd Grade
25 questions
Multiplication Facts
Quiz
•
5th Grade
54 questions
Analyzing Line Graphs & Tables
Quiz
•
4th Grade
22 questions
fractions
Quiz
•
3rd Grade
20 questions
Main Idea and Details
Quiz
•
5th Grade
20 questions
Context Clues
Quiz
•
6th Grade
15 questions
Equivalent Fractions
Quiz
•
4th Grade
Discover more resources for Other
20 questions
-AR -ER -IR present tense
Quiz
•
10th - 12th Grade
15 questions
Making Inferences
Quiz
•
7th - 12th Grade
15 questions
Main Idea and Supporting Details.
Quiz
•
4th - 11th Grade
12 questions
Add and Subtract Polynomials
Quiz
•
9th - 12th Grade
7 questions
How James Brown Invented Funk
Interactive video
•
10th Grade - University
15 questions
Atomic Habits: Career Habits
Lesson
•
9th - 12th Grade
16 questions
ACT English - Grammar Practice #2
Quiz
•
11th Grade
20 questions
Banking
Quiz
•
9th - 12th Grade