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Accounting Concepts questions with actual right answers, $9.29   Add to cart
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Accounting Concepts questions with actual right answers,
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  • Accounting 101
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  • Accounting 101

Accounting Concepts questions with actual right answers,

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

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  • accounting concepts questions with actual right an

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  • Accounting 101
  • Accounting 101

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Accounting Concepts questions with
actual right answers,
Business Entity ANS - Financial information is recorded and reported separately from the owner's
personal financial information.



Unit of Measurement ANS - Business transactions are stated in numbers that have common values:
that is, using a common unit of measurement.



Consistent Reporting ANS - The same accounting procedures are followed in the same way in each
accounting period.



Objective Evidence ANS - A source document is prepared for each transaction.



Going Concern ANS - Financial statements are prepared with the expectation that a business will
remain in operation indefinitely.



Historical Cost ANS - The actual amount paid for merchandise or other items bought is recorded.



Realization of Revenue ANS - Revenue is recorded at the time goods or services are sold.



Accounting Period Cycle ANS - Changes in financial information are reported for a specific period of
time in the form of financial statements.



Full Disclosure ANS - Financial statements contain all information necessary to understand a business'
financial condition.



Matching Expenses with Revenue ANS - Revenue from business activities and expenses associated with
earning that revenue are recorded in the same accounting period.

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