
Accounting Concepts
Authored by Victoria Flynn
Other
10th - 12th Grade
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15 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The accounting period of a business is separated into activitiess that help the business keep its accounting records in an orderly fashion.
Accounting Period Cycle
Source Document
Fiscal Year
None of the Above
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Jeff's Construction, LLC bought a piece of equipment in 2001 for P 10,000. Today this piece of equipment is only worth P 2,000. Jeff would still report the equipment at its purchase price of P 10,000, less depreciation, even though its current fair market value is only P 2,000.
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which principle/guideline requires the company's financial statements to have footnotes containing information that is important to users of the financial statements?
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Concept: Financial information is reported for a specific period of time on financial statements.
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Concept: a business's records should never be mixed with an owner's personal records and reports
adequate disclosure
business entity
objective evidence
going concern
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Concept: When a source document is prepared for each transaction
going concern
materiality
realization of revenue
objective evidence
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Concept: When a business activity is large enough to impact business decisions, it should be recorded clearly in the financial statements
realization of revenue
materiality
unit of measurement
consistent reporting
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