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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
1. _____ The going concern principle is concerned with the timing of the recognition of the transactions in the account.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
2. _____ According to the prudence principle, profit and assets are overstated and expenses and liabilities are not realistically valued.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
3. _____ According to the matching principle, when preparing accounts, one must assume that the enterprise will still be viable in the year to come.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
4. _____ According to consistency principle, accounts should be produced using the same principles from one year to the next.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
5. _____ GAAP is an accounting standard which is developed and in use in the Europe.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
6. _____ IFRS is an accounting standard which is developed and in use in the Europe.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
7. _____ Government is the unique user of the information generated by financial accounting.
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