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Summary GAAP Made easy
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This is a detailed summary of the GAAP principles that every Grade 10 accounting student should know. The document has been summarised to ensure understanding.
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Available practice questions
GAAP
Flashcards
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Flashcards
10 Flashcards
$5.14
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Some examples from this set of practice questions
1.
Historical cost
Answer: Assets will be valued at historical cost
2.
Business Entity
Answer: Owner must be kept separate (even if he’s a sole trader), the financial statements must be kept separate
3.
Going-concern
Answer: Continuity of transactions as if the business will operate in the foreseeable future
4.
Matching
Answer: Income and expenses are recorded when they happen and not when they are paid or received
5.
Prudence
Answer: Understating rather than overstating profits in the event of uncertainty (making provisions)
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Made easyby Ms.Moyo
,Subject: Accounting
Grade: 10
Section: Final Accounts
, GAAP Principles
Generally Accepted
Accounting Principles
1. Historical cost principle
2. Business Entity
3. Going concern
4. Matching
5. Prudence
6. Materiality
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