QuickBooks Ch. 10 (2022/2023) Rated 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?
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?
