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Accounting Principles questions & correct answers.
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  • Accounting 101

Accounting Principles questions & correct answers.

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  • August 29, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • accounting principles questions correct answers

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  • Accounting 101
  • Accounting 101

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Accounting Principles questions &
correct answers.

The consistency principle ANS - states that, once you adopt an accounting principle or method,
continue to follow it consistently in future accounting periods.



The full disclosure principle ANS - states that you should include in an entity's financial statements all
information that would affect a reader's understanding of those statements.



The materiality principle ANS - states that you are allowed to ignore an accounting standard if the net
impact of doing so has such a small impact on the financial statements that a reader of the financial
statements would not be misled.



The reliability principle ANS - is the concept of only recording those transactions in the accounting
system that you can verify are reliable with objective evidence.



The time period principle ANS - is the concept that a business should report the financial results of its
activities over a standard time period, which is usually monthly, quarterly, or annually.



The conservatism principle ANS - is the general concept of recognizing expenses and liabilities as soon
as possible when there is uncertainty about the outcome, but to only recognize revenues and assets
when they are assured of being received.



The economic entity principle ANS - states that the recorded activities of a business entity will be kept
separate from the recorded activities of its owner(s) and any other business entities.



The going concern principle ANS - is the assumption that an entity will remain in business for the
foreseeable future. Conversely, this means the entity will not be forced to halt operations and liquidate
its assets in the near term at what may be very low fire-sale prices.

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