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Teams
Name
Score
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15
×
GAAP
Generally Accepted Accounting Principle
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15
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What's standard? When preparing accounts, one must assume that the company will still be viable in the years to come
The matching principle
The prudence principle
The consistency principle
The going concern principle
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15
×
IFRS
International Financial Reporting Standards
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eraser
Reset score!
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magnet
Take 25 points!
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shark
Other team loses 25 points!
Okay!
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lifesaver
Give 10 points!
Oops!
15
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People or groups who are not involved with the company
Outside parties
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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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15
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IAS
International Accounting Standards
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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 going concern principle
The matching principle
The consistency principle
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banana
Go to last place!
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rocket
Go to first place!
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fairy
Take points!
5
10
15
20
25
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baam
Lose 10 points!
Oops!
15
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For example, Australia, the U.K, the U.S.A
English-speaking country
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15
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A firm that sells its share to anyone who wants to buy them.
Publicly-traded company
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15
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IASC
International Accounting Standards Committee
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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 matching principle
The going concern principle
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trap
No points!
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fairy
Take points!
5
10
15
20
25
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shark
Other team loses 20 points!
Okay!
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baam
Lose 25 points!
Oops!
15
×
What's standard? recognizing expenses immediately, and not recognizing income until it is reasonably certain
The prudence principle
The consistency principle
The going concern principle
The matching principle
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Check
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15
×
The way that most people do something.
Accepted practice
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