Accounting Principles and Concepts

Accounting Principles and Concepts

Professional Development

52 Qs

quiz-placeholder

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Accounting Principles and Concepts

Accounting Principles and Concepts

Assessment

Quiz

Other

Professional Development

Easy

Created by

Nevaeh Hampton

Used 10+ times

FREE Resource

52 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The period of time that an asset is expected to help produce
revenues

Historical Cost Principle

Depreciation

Useful Life

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  • Revenues are earned and recorded when provided, not when cash is received.

Revenue Recognition Principle

Expense Recognition Principle

Matching Principle

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  • Expenses are recorded when incurred, not when paid.

Expense Recognition Principle

Matching Principle

Revenue Recognition Principle

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Match revenues with corresponding expenses to measure net income accurately.

  • Revenue Recognition Principle

Expense Recognition Principle

Matching Principle

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When is net income computed?

First

Last

Second

Second to last

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

(including cash) that will be converted into cash or
consumed within one year or the normal operating cycle,
whichever is longer

Assets

Current Liabilities

Long-Term Liabilities

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the statement of OE start with as of the
beginning of the accounting period?

capital account balance

Assests

Drawing

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