accounting principles & standards that companies follow

Which is the correct GAAP Principle?

Going concern, business entity, time period assumption

What is the assumption of Monetary Unit

Data can be expressed in stable monetary included in record

What is the assumption of Economic Entity

The owner and the business should be recognized distinctly

What is the assumption of going concern?

Assumes business will continue into the foreseeable future

What does GAAP stand for?

Generally Accepted Accounting Principles

studbud

BAF3M Final Exam Review: GAAP Principle

13 termsStudBud Administration38 plays

#Accounting#GAAP Principle#Grade11

Flashcards13 cardsFPractice quizPHost liveL

Questions 13

Answers

1
What is the main idea of objectivity principle?
Objectivity evidence
All of the above
Personal feeling
Personal opinion
2
What is GAAP
None of the above
All of the above
accounting principles & standards that companies follow
Adjustments made for the benefit of shareholders
3
Conservatism is a GAAP principle.
True
False
4
Answer the question below
I don't know
Maybe true
False
True
5
Answer the picture below
Matching principle
Cost principle
Going concern
Objectivity
6
Which is the correct GAAP Principle?
Business entity, going corn, time periods assumption
Going concern, business entity, time period assumption
Going corn, time periods assumption, business entry
Business entity, going concern, time periods associate
7
What is the assumption of Monetary Unit
Data can be expressed in stable monetary included in record
The company's asset is always higher than our liabilities
Assume we have lots of money
None of the above
8
How many GAAP principles and assumptions did we learn?
13
10
9
6
9
What is the assumption of Economic Entity
The owner and the business should be recognized distinctly
Some stuff related to economics
business make changes in regards to current econ environment
Owner and the business should be bound together all the time
10
Answer the question below
Cost principle
Going concern
Matching principle
Objectivity principle
11
International Financial Reporting Systems (IFRS) and GAAP Principles are the same.
True
False
12
What is the assumption of going concern?
Assumes business will continue into the foreseeable future
Ensure the business is going well
Concerned about the business
All of the above
13
What does GAAP stand for?
Generally Accepted Asian Parents
Generally Accepted Accounting Principles
Greater Accounting Activated Principles
Great Ape of Ancient Paris

BAF3M Final Exam Review: GAAP Principle Flashcards | StudBud