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WorksheetsG.A.A.P. Principles
Total questions: 10
Worksheet time: 5mins
Switching accounting principles every year would violate the
money measurement principle
consistency principle
actual cost of an item at purchase needs to be stated, not its current value
cash principle
average principle
cost principle
replacement principle
accountants must only record information which can be verified with proof such as receipts
disclosure / truth principle
GAAP
reliability / objective evidence principle
cost receipt principle
all information which is relevant to financial statement must be included in the financial statement
cost principle
disclosure principle
reliability principle
GAAP
duty to uphold rules and regulations based on moral values
irs laws
GAAP
going concern
ethical responsibility
Which of the following correctly defines the acronym GAAP?
Generally Accrued Accounting Principles
Generally Accepted Accounting Process
Generally Advised Accounting Principles
Generally Accepted Accounting Principles
An expense being reported at the same time as its corresponding revenue is an example of which of the following principles?
Cost principle
Matching principle
Disclosure principle
Revenue recognition principle
Sales revenue earned in December are recorded on the December General Journal as revenue is an example of which of the following principles?
Cost principle
Matching principle
Disclosure principle
Revenue recognition principle
