Podcast
Questions and Answers
Which of the following is an example of a financial reporting standard?
Which of the following is an example of a financial reporting standard?
- Operating Cycle
- Accrual Basis Accounting
- International Financial Reporting Standards (IFRS) (correct)
- General Ledger
In accounting, the matching principle is most closely related to which concept?
In accounting, the matching principle is most closely related to which concept?
- Accrual Basis Accounting (correct)
- Cash Basis Accounting
- Cost Principle
- Materiality Concept
Which financial statement would show the net income of a sole trader?
Which financial statement would show the net income of a sole trader?
- Cash Flow Statement
- Income Statement (correct)
- Statement of Owner's Equity
- Balance Sheet
Which of the following is a fundamental accounting principle that requires the use of the same accounting methods over time?
Which of the following is a fundamental accounting principle that requires the use of the same accounting methods over time?
When preparing financial statements for a sole trader, which financial statement would report the owner's equity at a specific point in time?
When preparing financial statements for a sole trader, which financial statement would report the owner's equity at a specific point in time?
Which of the following best describes the term 'going concern' in the context of financial reporting?
Which of the following best describes the term 'going concern' in the context of financial reporting?
Flashcards
IFRS
IFRS
A set of international accounting standards.
Matching Principle
Matching Principle
Matching revenue with expenses incurred to earn that revenue.
Income Statement
Income Statement
Shows a business's financial performance over a period.
Consistency Principle
Consistency Principle
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Statement of Financial Position
Statement of Financial Position
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Going Concern
Going Concern
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