Accounting Principles and Concepts

Accounting Principles and Concepts

Assessment

Flashcard

Physics

11th Grade

Practice Problem

Hard

Created by

Christian Schagen

FREE Resource

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20 questions

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1.

FLASHCARD QUESTION

Front

What is the Historical Cost Principle?

Back

Assets must be recorded at their original purchase price (cash amount paid at acquisition).

2.

FLASHCARD QUESTION

Front

Define the Accounting Entity Concept.

Back

The business is treated as separate from its owner; only business transactions are recorded.

3.

FLASHCARD QUESTION

Front

What is the Going Concern Principle?

Back

Assumes the business will continue operating indefinitely (not liquidating soon).

4.

FLASHCARD QUESTION

Front

What does the Monetary Principle state?

Back

All transactions must be recorded in a common monetary unit (e.g., dollars).

5.

FLASHCARD QUESTION

Front

What is the Accounting Period Concept?

Back

Business life is divided into fixed periods (e.g., months/years) for reporting.

6.

FLASHCARD QUESTION

Front

What are balance day adjustments?

Back

Entries made to match revenues/expenses (e.g., prepayments, accruals, depreciation).

7.

FLASHCARD QUESTION

Front

How is a provision for doubtful debts classified?

Back

As a negative asset on the Statement of Financial Position.

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