Accounting 1 Strands & Standards Exam

Front

Which term is associated with "left" or "left-side"? Options: Debit, Plus, Minus, Credit

Back

Debit

Front

Revenues minus expenses equals:

Back

Net Income

Front

What will usually cause the liability account Accounts Payable to increase?

Back

Credit

Front

State the concept- The same accounting procedure must be followed in the same way in each accounting period

Back

consistency

Front

What principle is illustrated by Mrs. Do having separate financial reports for her businesses, Do Laundry Shop and Do Convenience Store?

Back

Business Entity

Front

Which accounting principle is being violated by Kala Corp for not including the possible devaluation of the yen in this year's financial statements? Options: Materiality, Disclosure, Conservatism

Back

Disclosure

Front

The revenue from business activities and the expenses associated with earning that revenue are recorded in the same accounting period.

Back

Matching Principle

Front

Financial statements are prepared with the expectation that a business will remain in operation indefinitely.

Back

Going Concern

Front

What principle is illustrated by recording revenue on June 25 for a service rendered, even though the fee was collected on July 4?

Back

Revenue Recognition

Front

What are the accounting rules used to prepare, present and report financial statements called?

Back

Generally Accepted Accounting Principles