Basic Accounting Act # 5

Basic Accounting Act # 5

12th Grade

30 Qs

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Basic Accounting Act # 5

Basic Accounting Act # 5

Assessment

Quiz

Business

12th Grade

Practice Problem

Medium

Created by

Josephine Quibido

Used 4+ times

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30 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

GAAP refers to ________.

A. General Accounting and Auditing Principles
B. General Association of Accounting Practitioners
C. Generally Accepted Accounting Principles
D. Guidelines for Accountants, Accounting Procedures

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The requirements that only transaction data capable of being expressed in terms of money be included in the accounting records relates to the ________.

A. business entity assumption
B. cost principle
C. monetary unit assumption
D. both b and c

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Financial statements combining the operations of Juan Cruz and J. Cruz Plumbing Service would violate the ________.

A. cost principle
B. business entity assumption
C. monetary unit assumption
D. ownership assumption

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The assumed continuation of a business entity in the absence of evidence to the contrary is an example of the accounting concept of ________.

A. accrual
B. comparability
C. consistency
D. going concern

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Recording the purchase price of a pencil sharpener (with an estimated useful life of ten years) as an expense of the current period is justified by the _______.

A. comparability principle
B. going concern assumption
C. matching principle
D. materiality concept

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Conservatism is best described as selecting an accounting alternative that ________.

A. has the least favorable impact on owners’ equity
B. is least likely to mislead users of financial information
C. overstates, as opposed to understates, liabilities
D. understates assets and /or net income

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The financial statements prepared for the business are separate and distinct from the owners. This is in accordance with the _________.

A. business entity assumption
B. full disclosure principle
C. going concern principle
D. matching principle

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