MT-QUIZ-1-SPECIAL

GAAP stands for Generally Appreciated Accounting Principles.

• True

• False

Tax accounting is applicable in preparation of budgets and tax returns.

• True

• False

It is not required that useful financial information is comparable and neutral.

• True

• False

The accounting system includes input, feedback, process and results.

• True

• False

Employees need accounting information to monitor how the company handles the payment of loans and suppliers.

• True

• False

This principle promotes communication of information to users for decision making.

• Full Disclosure Principle

• Cost Principle

• Matching Principle

• Objectivity Principle

When different users come up to a general agreement, the information is:

• Timely

• Comparable

• Understandable

• Verifiable

Which of the following is not an accountable event?

• Receipt of Loan

• Planning for company outing

• Purchase of Building

• Payment of Supplier

If the accounting period begins on September 1, 2023, the end of the accounting period will be on?

• August 30

• August 31

• September 1

• December 31

In accrual basis, expenses are recognized when?

• Earned

• Paid

• Received

• Incurred