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IFQ Chapter 4 Accounting Principles Quiz
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IFQ Chapter 4 Accounting Principles Quiz

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Questions and Answers

Which of the following is not a general principle to select the appropriate accounting rule?

  • Materiality (correct)
  • Substance over form
  • Matching
  • Prudence

    • In a wakala agreement, in an undisclosed wakala agreement, the agent:

  • Acts in his own best interest
  • Does not reveal he acts on behalf of a third party (correct)
  • Does not have fiduciary duties
  • Can be held liable for any loss or damages to the assets

    • What are the considerations for selecting the correct accounting rule?

  • Substance over form, cost/benefit analysis, accrual, disclosure
  • Materiality, matching, consistency, disclosure
  • Prudence, substance over form, cost/benefit analysis, consistency, accrual, and matching (correct)
  • Prudence, disclosure, accuracy, matching, accrual

    • In an undisclosed wakala agreement, what does the agent not have to do?

    <p>Reveal he acts on behalf of a third party</p> Signup and view all the answers

    Which of the following is a principle for selecting the correct accounting rule?

    <p>Matching</p> Signup and view all the answers

    What is a general principle to select the appropriate accounting rule?

    <p>Prudence</p> Signup and view all the answers

    In an undisclosed wakala agreement, what does the agent not reveal?

    <p>He acts on behalf of a third party</p> Signup and view all the answers

    What is the primary duty of an agent in an undisclosed wakala agreement?

    <p>Does not reveal he acts on behalf of a third party</p> Signup and view all the answers

    Which of the following is a consideration for selecting the correct accounting rule?

    <p>Cost/benefit analysis</p> Signup and view all the answers

    What is the concept emphasized in selecting the appropriate accounting rule?

    <p>Substance over form</p> Signup and view all the answers

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