Review Game Zone
Flash Cards
(current)
Games
Teachers
Search
Accounting Concepts
Test Description: Identify the correct accounting concept
Instructions: Answer all questions to get your test result.
1) Which accounting concept states that the same accounting procedures are followed in the same way in each accounting period?
A
Historical Cost
B
Consistent Reporting
C
Realization of Revenue
D
Adequate Disclosure
2) Which concept states that revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period?
A
Historical Cost
B
Unit of Measurement
C
Matching Expenses with Revenue
D
Adequate Disclosure
3) Which concept states that changes in financial information are reported for a specific period of time in the form of financial statements.
A
Accounting Period Cycle
B
Consistent Reporting
C
Going Concern
D
Adequate Disclosure
4) Which concept states that a source document is prepared for each transaction?
A
Objective Evidence
B
Accounting Period Cycle
C
Business Entity
D
Adequate Disclosure
5) Which concept states that business transactions are stated in numbers that have common values?
A
Historical Cost
B
Going Concern
C
Realization of Revenue
D
Unit of Measurement
6) Which concept states that financial information is recorded and reported separately from the owner's personal financial information?
A
Historical Cost
B
Consistent Reporting
C
Adequate Disclosure
D
Business Entity
7) Which concept states that revenue is recorded at the time goods or services are sold?
A
Objective Evidence
B
Realization of Revenue
C
Business Entity
D
Historical Cost
8) Which concept states that financial statements contain all information necessary to understand a business's financial condition?
A
Adequate Disclosure
B
Realization of Revenue
C
Historical Cost
D
Consistent Reporting
9) Which concept states that financial statements are prepared with the expectation that a business will remain in operation indefinitely?
A
Going Concern
B
Consistent Reporting
C
Objective Evidence
D
Matching Expenses with Revenue
10) Which concept states that the actual amount paid for merchandise or other items bought is recorded?
A
Unit of Measurement
B
Historical Cost
C
Adequate Disclosure
D
Matching Expenses with Revenue
*select an answer for all questions
Check Results & Get Answers
Play Games with the Questions Above
Teachers: Create FREE classroom games with your questions
Click for more info!
©2007-2024
ReviewGameZone.com
|
About
|
Privacy
|
Contact
|
Terms
|
Site Map
WAIT! Find what you needed?
×
Still Looking for the Answers?
Have Another Question?
Play a Review Game with These Questions?
Want to Make Your Own Test Like This One?