GAAP principles
Authored by Jackie Walt
Financial Education
10th Grade
Used 53+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Choose the correct term ...
Accounting reports should always portray the most realistic
figures and values.
Double-entry rule
Consistency principle
Prudence principle
Concept of materiality
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Choose the correct term ...
The twelve-month period over which financial reporting is
done.
Financial year
Financial month
Double-entry rule
Prudence principle
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Choose the correct term ...
The business operates separately from the owner and has its
own set of financial records.
Consistency principle
Business entity principle
Materiality principle
Matching principle
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Choose the correct answer ...
Income and expenses in the year in which they were
earned or incurred.
Matching principle
Concept of materiality
Business entity rule
Consistency principle
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Choose the correct term ...
Non-current assets are shown at the original
cost price.
Financial year
Going concern principle
Concept of materiality
Historical cost principle
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Choose the correct term ....
Depreciation must be written off each year using the same
method.
Double-entry principle
Business entity rule
Going concern principle
Consistency principle
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Choose the correct term ...
The entity will continue to operate in the foreseeable future.
Prudence
Going concern principle
Materiality concept
Historical cost principle
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