warm-up minigame

"In computing Modified Accelerated Cost Recovery System (MACRS) depreciation, salvage value is ignored."

• True

• False

Which following is a specific business entity separate from the personnel affair of the owner?

• Objectivity principle

• Stable currency principle

• Entity principle

• Matching principle

What refers to the systematic allocation of the depreciation amount of an intangible asset over its useful life?

• Amortisation

• Depreciation

• None of these

• Both of these

IRS stands for _____________

• Internal Revenue Service

• International Revenue Service

• Intermediate Revenue Service

The official statements of income and taxes owed

• To Tax File

• Tax Returns

• Tax Service

The asset is depreciated by a constant amount every year

• sum-of-the-years-digit method

• straight-line method

• unit of production method

Set of accounting is called ______.

• Accounting principle

• IFRS

• Financial accounting

• GAAP

The number of GAAP assumptions?

• 1

• 9

• 4

• 6

A common set of accounting rules and procedures; needed in accounting to maintain the accuracy and consistency of financial reports

• IRS laws

• Financial reporting

• Generally accepted accounting practices (GAAP)

• Disclosure principle

Assumption a company intends to continue operations

• Matching principle

• Disclosure principle

• Going concern principle

• Reliability principle