Accounting Principles and Concepts Quiz
3 Questions
2 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Which accounting principle states that revenue should be recognized when it is earned, regardless of when the cash is received?

  • Revenue recognition principle (correct)
  • Matching principle
  • Conservatism principle
  • Materiality principle
  • Which accounting concept assumes that the entity will continue to operate in the foreseeable future?

  • Going concern concept (correct)
  • Entity concept
  • Consistency concept
  • Accrual concept
  • Which accounting principle requires that expenses should be recorded in the same period as the related revenues that they help to generate?

  • Objectivity principle
  • Consistency principle
  • Matching principle (correct)
  • Materiality principle
  • More Like This

    Use Quizgecko on...
    Browser
    Browser