Real World Money: 12 Fundamental Concepts

Real World Money: 12 Fundamental Concepts

Assessment

Interactive Video

Business

6th - 9th Grade

Hard

Created by

Quizizz Content

FREE Resource

The video tutorial covers the fundamental concepts of Generally Accepted Accounting Principles (GAAP), which are essential for recording and analyzing financial transactions across various types of organizations. Key concepts include the entity concept, money measurement, going concern, cost principle, dual aspect, objectivity, time period, conservatism, realization, matching, consistency, and materiality. These principles ensure accurate financial reporting, enabling informed business decisions.

Read more

10 questions

Show all answers

1.

OPEN ENDED QUESTION

3 mins • 1 pt

What is the entity concept in accounting?

Evaluate responses using AI:

OFF

2.

OPEN ENDED QUESTION

3 mins • 1 pt

Explain the money measurement principle in accounting.

Evaluate responses using AI:

OFF

3.

OPEN ENDED QUESTION

3 mins • 1 pt

What does the going concern assumption imply for a business?

Evaluate responses using AI:

OFF

4.

OPEN ENDED QUESTION

3 mins • 1 pt

Describe the cost principle and provide an example.

Evaluate responses using AI:

OFF

5.

OPEN ENDED QUESTION

3 mins • 1 pt

What is the dual aspect concept in accounting?

Evaluate responses using AI:

OFF

6.

OPEN ENDED QUESTION

3 mins • 1 pt

What role do source documents play in accounting?

Evaluate responses using AI:

OFF

7.

OPEN ENDED QUESTION

3 mins • 1 pt

What is the significance of the conservatism principle in accounting?

Evaluate responses using AI:

OFF

Create a free account and access millions of resources

Create resources
Host any resource
Get auto-graded reports
or continue with
Microsoft
Apple
Others
By signing up, you agree to our Terms of Service & Privacy Policy
Already have an account?