Accounting Concepts and Principles

Accounting Concepts and Principles

University

43 Qs

quiz-placeholder

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Accounting Concepts and Principles

Accounting Concepts and Principles

Assessment

Quiz

Business

University

Medium

Created by

Lia Tan

Used 300+ times

FREE Resource

43 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

2 FUNDAMENTAL qualities of useful financial information

Relevance

Comparability

Verifiability

Faithful Representation

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

something is ____ if it is capable of making a difference in a decision

timely

comparable

relevant

understandable

3.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Attributes of relevance

Completeness

Neutrality

Confirmatory value

Predictive value

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An attribute of relevance whereby a material information helps the user verify fulfilment or non-fulfilment of prior expectation or decision

Confirmatory value

Predictive value

Comparable value

Neutral value

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An attribute of relevance whereby a material information helps the user make predictions or forecasts about the meaning and ultimate outcome of the events giving rise to the information.

Predictive value

Confirmatory value

Comparable value

Neutral value

6.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Check all applicable: Information is faithfully represented if it contains

completeness

neutrality

freedom from error

verifiabiity

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The information includes everything necessary to reflect what happened for all of the business activities for which the firm is reporting.

completeness

neutrality

freedom from error

verifiability

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