10 Questions
Which accounting concept states that only transactions that can be expressed in terms of money should be recorded?
Money measurement concept
Which of the following is NOT one of the three fundamental accounting assumptions?
Entity
Which accounting principle states that expenses should be recognized in the same accounting period as the revenues to which they relate?
Matching concept
Which accounting convention states that the financial statements should be prepared under the assumption that the business will continue to operate indefinitely?
Going Concern concept
Which accounting principle states that assets should be recorded at their original cost?
Cost concept
Which accounting concept states that accounting records and statements should be prepared under the assumption that the business will continue to operate indefinitely?
Going Concern concept
Which accounting principle states that revenues should be recognized when they are earned, regardless of when the cash is received?
Accrual concept
Which accounting convention states that financial statements should be prepared using the same accounting methods and procedures from one period to another?
Consistency
Which accounting principle states that expenses should be recognized in the same accounting period as the revenues to which they relate?
Matching concept
Which accounting concept states that only transactions that can be expressed in terms of money should be recorded?
Money measurement concept
Test your knowledge of basic accounting concepts, principles, and conventions with this quiz. Learn about fundamental accounting assumptions and how they impact the recording of transactions and events. Enhance your understanding of concepts such as going concern, consistency, and accrual.
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