Accounting Principles and Concepts Quiz
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Accounting Principles and Concepts Quiz

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@StunningPinkTourmaline

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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
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