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Team 2
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Teams
Name
Score
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15
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What's standard? Accounts should be produced using the same principles from one year to the next year
The prudence principle
The matching principle
The going concern principle
The consistency principle
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15
×
For example, Australia, the U.K, the U.S.A
English-speaking country
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15
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IFRS
International Financial Reporting Standards
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thief
Give points!
5
10
15
20
25
×
seesaw
Swap points!
Okay!
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gift
Win 10 points!
Okay!
×
lifesaver
Give 10 points!
Oops!
15
×
IASC
International Accounting Standards Committee
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15
×
A firm that sells its share to anyone who wants to buy them.
Publicly-traded company
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trap
No points!
Oops!
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seesaw
Swap points!
Okay!
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shark
Other team loses 5 points!
Okay!
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banana
Go to last place!
Oops!
15
×
What's standard? When preparing accounts, one must assume that the company will still be viable in the years to come
The consistency principle
The matching principle
The prudence principle
The going concern principle
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15
×
IAS
International Accounting Standards
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15
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GAAP
Generally Accepted Accounting Principle
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15
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The way that most people do something.
Accepted practice
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15
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What's standard? Items are recorded when the income and expense arises, not depend on movement of cash.
The consistency principle
The prudence principle
The going concern principle
The matching principle
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baam
Lose 15 points!
Oops!
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fairy
Take points!
5
10
15
20
25
×
shark
Other team loses 20 points!
Okay!
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baam
Lose 10 points!
Oops!
15
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The rules and regulations which state how accountants operate in a particular place.
Local accounting standards
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boom
Lose 50 points!
Oops!
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star
Double points!
Okay!
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shark
Other team loses 25 points!
Okay!
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lifesaver
Give 10 points!
Oops!
15
×
What's standard? recognizing expenses immediately, and not recognizing income until it is reasonably certain
The prudence principle
The going concern principle
The consistency principle
The matching principle
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