QuickBooks Ch. 10; Questions and
Answers…Grade A+
Prudence The methods least likely to overstate assets and income
are used.
Consistency The same accounting methods are used year to
year.
Revenue recognition Publicly traded companies record when
revenue is earned
QuickBooks Ch. 10; Questions and
Answers…Grade A+
Prudence ✔✔The methods least likely to overstate assets and income
are used.
Consistency ✔✔The same accounting methods are used year to
year.
Revenue recognition ✔✔Publicly traded companies record when
revenue is earned.
Objectivity ✔✔Business statements are impartial and absent of bias.
Create delayed charges for the services as completed. ✔✔How can you keep
track of services
performed before adding charges to an invoice?
Financial Accounting and Services Board ✔✔What agency sets the GAAP
principles?
It posts transactions to the general ledger. ✔✔How does QuickBooks assist with
the third step of
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