Discovering Accounting Principles & Indian Photojournalists Quiz

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Questions and Answers

What are Generally Accepted Accounting Principles (GAAP)?

Rules or guidelines for recording and reporting business transactions (correct)

A type of business entity

A type of financial statement

A set of ethical principles for accountants

What are Basic Accounting Concepts?

A type of financial statement

A set of ethical principles for accountants

Rules for preparing financial statements

Fundamental ideas or basic assumptions underlying financial accounting (correct)

What does the Business Entity concept assume?

The business and its owners are the same entity

The business entity cannot have any liabilities

The business has a distinct and separate entity from its owners (correct)

The business entity is not required to pay taxes

What does the Money Measurement concept state?

Only transactions expressed in monetary terms should be recorded in the book of accounts Signup and view all the answers

What does the Going Concern concept assume?

A business would continue operations indefinitely and not be liquidated in the near future Signup and view all the answers

What is Accounting Period?

The time at which financial statements of an enterprise are prepared to determine its profits, losses, assets, and liabilities Signup and view all the answers

What does the Cost Concept require?

All assets be recorded in the book of accounts at their cost price, including acquisition, transportation, installation, and making the asset ready for use Signup and view all the answers

What does the Revenue Recognition concept require?

Revenue for a business transaction should be considered realized when a legal right to receive it arises Signup and view all the answers

What are Generally Accepted Accounting Principles (GAAP)?

Rules for recording and reporting business transactions Signup and view all the answers

What are Basic Accounting Concepts?

Fundamental ideas underlying financial accounting Signup and view all the answers

What is the Money Measurement concept?

Only monetary transactions should be recorded Signup and view all the answers

What does the Going Concern concept assume?

A business will continue operations indefinitely Signup and view all the answers

What is the Dual Aspect concept?

Every transaction has a dual effect on various accounts Signup and view all the answers

Who is Raghu Rai?

An Indian photojournalist Signup and view all the answers

Who is Henri Cartier Bresson?

A French photojournalist Signup and view all the answers

Who is Homai Vyarawalla?

An Indian photojournalist Signup and view all the answers

Study Notes

Basic Accounting Concepts and Notable Indian Photojournalists

Generally Accepted Accounting Principles (GAAP) refer to the rules or guidelines adopted for recording and reporting business transactions for uniformity in financial statements.
Basic Accounting Concepts are fundamental ideas or basic assumptions underlying the theory and practice of financial accounting.
The Business Entity concept assumes that the business has a distinct and separate entity from its owners.
The Money Measurement concept states that only transactions expressed in monetary terms should be recorded in the book of accounts.
The Going Concern concept assumes that a business would continue operations indefinitely and not be liquidated in the near future.
Accounting Period refers to the time at which financial statements of an enterprise are prepared to determine its profits, losses, assets, and liabilities.
The Cost Concept requires that all assets be recorded in the book of accounts at their cost price, including acquisition, transportation, installation, and making the asset ready for use.
The Dual Aspect concept states that every transaction has a dual or two-fold effect on various accounts and should be recorded in two places.
The Revenue Recognition concept requires that revenue for a business transaction should be considered realized when a legal right to receive it arises.
Raghu Rai is an Indian photojournalist who started his career in the 1960s and worked for important national newspapers before becoming an independent photographer.
Henri Cartier Bresson was a French photojournalist who travelled to India in the 1940s and is counted among the best in the world.
Homai Vyarawalla was an Indian photojournalist whose work was first published in 1938 and documented significant events of the freedom movement and wartime activities in India.

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Description

Test your knowledge on Basic Accounting Concepts and Notable Indian Photojournalists in this intriguing quiz. Learn about Generally Accepted Accounting Principles (GAAP), Business Entity concept, Revenue Recognition concept, and more. Discover the notable works of Indian photojournalists like Raghu Rai and Homai Vyarawalla, and the legendary Henri Cartier Bresson. Challenge yourself and take this quiz now!