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Team 2
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Teams
Name
Score
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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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GAAP
Generally Accepted Accounting Principle
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IFRS
International Financial Reporting Standards
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IAS
International Accounting Standards
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banana
Go to last place!
Oops!
×
magnet
Take 20 points!
Okay!
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shark
Other team loses 20 points!
Okay!
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baam
Lose 15 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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People or groups who are not involved with the company
Outside parties
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monster
Reset all scores!
Oops!
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fairy
Take points!
5
10
15
20
25
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rocket
Go to first place!
Okay!
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lifesaver
Give 25 points!
Oops!
15
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The way that most people do something.
Accepted practice
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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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heart
Other team wins 10 points!
Oops!
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fairy
Take points!
5
10
15
20
25
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fairy
Take points!
5
10
15
20
25
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lifesaver
Give 25 points!
Oops!
15
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What's standard? Items are recorded when the income and expense arises, not depend on movement of cash.
The prudence principle
The matching principle
The going concern principle
The consistency principle
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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 matching principle
The going concern principle
The consistency principle
The prudence principle
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15
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What's standard? recognizing expenses immediately, and not recognizing income until it is reasonably certain
The going concern principle
The consistency principle
The matching principle
The prudence principle
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15
×
What's standard? When preparing accounts, one must assume that the company will still be viable in the years to come
The prudence principle
The going concern principle
The matching principle
The consistency principle
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