Accounting Concept
Authored by Nagalakshmi muralidaran
Other, Education, Financial Education
12th Grade
Used 1+ times
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35 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 5 pts
The historical cost principle requires that when assets are acquired, they be recorded at
appraisal value.
cost.
market price.
book value.
2.
MULTIPLE CHOICE QUESTION
45 sec • 5 pts
GAAP stands for
Generally Accepted Auditing Procedures.
Generally Accepted Accounting Principles.
Generally Accepted Auditing Principles.
Generally Accepted Accounting Procedures
3.
MULTIPLE CHOICE QUESTION
45 sec • 5 pts
If services are rendered for credit, then
assets will decrease.
liabilities will increase.
owner's equity will increase.
liabilities will decrease.
4.
MULTIPLE CHOICE QUESTION
45 sec • 5 pts
Assets are recorded at their original purchase price according to the:
Materiality Principle
Historical Cost Principle
Cost Benefit Principle
Consistency Principle
5.
MULTIPLE CHOICE QUESTION
45 sec • 5 pts
Profit is determined by subtracting income from expenses.
True
False
6.
MULTIPLE CHOICE QUESTION
45 sec • 5 pts
The equation(s) below represent(s) how the equity in a business is determined:
Equity =
Assets – Liabilities
Assets =
Equity + Liabilities
Liabilities =
Assets – Equity
All of the above
None of the above
7.
FILL IN THE BLANKS QUESTION
45 sec • 5 pts
(a) is the net worth of a business.
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