Search Header Logo

Accounting Principles Quiz

Authored by Edilene Cruzat

Other

11th Grade

Used 1+ times

Accounting Principles Quiz
AI

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

    Content View

    Student View

25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec β€’ 1 pt

If you were the captain of a ship, what type of treasure would represent the resources owned and controlled by your crew?

Liabilities

Owner’s equity

Assets

Income

2.

MULTIPLE CHOICE QUESTION

30 sec β€’ 1 pt

Hey there, finance whizzes! If Carl has a stash of cash, some accounts receivable, and a few inventories, what type of asset is he dealing with?

Non-current Assets

Current Assets

Long-term Investments

Intangible Assets

3.

MULTIPLE CHOICE QUESTION

30 sec β€’ 1 pt

Imagine you're running a magical business in a world where everything is possible. Which principle tells you that your enchanting enterprise will keep thriving indefinitely, and that closing shop is just a distant thought?

Going Concern Principle

Business Entity Principle

Time Period Principle

Monetary Unit Principle

4.

MULTIPLE CHOICE QUESTION

30 sec β€’ 1 pt

Imagine you're managing a fun little lemonade stand with your friends Cristalyn and Ellen. Which type of liability would you need to consider when you have accounts payable and unearned income from your lemonade sales?

Current liabilities

Non-current liabilities

Loans payable

Accrued liabilities

5.

MULTIPLE CHOICE QUESTION

30 sec β€’ 1 pt

Hey there, future financial wizards! 🌟 Can you tell me which principle states that amounts are stated into a single monetary unit? Is it the:

Going Concern Principle

Business Entity Principle

Time Period Principle

Monetary Unit Principle

6.

MULTIPLE CHOICE QUESTION

30 sec β€’ 1 pt

If you were to classify property, plant, and equipment, what type of asset would it be?

Intangible Assets

Current Assets

Non-current Assets

Long-term Investments

7.

MULTIPLE CHOICE QUESTION

30 sec β€’ 1 pt

Hey there, future financial wizards! 🌟 Can you tell us which principle insists that all relevant and material information should be reported? Is it the one that keeps us transparent like Hannah's favorite glass of lemonade?

Disclosure Principle

Conservatism Principle

Materiality Principle

Objectivity Unit Principle

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?