Team 1
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Team 2
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Teams
Name
Score
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5
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Financial statements must be presented with supporting evidence.
Objectivity principle
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seesaw
Swap points!
Oops!
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gold
Win 50 points!
Okay!
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gift
Win 25 points!
Okay!
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banana
Go to last place!
Oops!
5
×
A business is expected to continue indefinitely in this principle.
Going Concern Principle
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5
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Revenue should be recognized when earned regardless of collection and expenses should be recognized when incurred regardless of payment.
Accrual Accounting Principle
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5
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Financial statements are to be divided into specific time intervals in this principle.
Time Period Principle
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5
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The cost should be matched with the revenue generated.
Matching Principle
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baam
Lose 25 points!
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shark
Other team loses 25 points!
Okay!
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fairy
Take points!
5
10
15
20
25
×
banana
Go to last place!
Oops!
5
×
The amounts are stated into a single monetary unit. What principle is this?
Monetary Unit Principle
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5
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The accounts should be recorded initially at cost is what principle?
Cost principle
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5
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In case of assets that are immaterial to make a difference in the financial statements, the company should instead record it as an expense.
Materiality principle
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monster
Reset all scores!
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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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thief
Give points!
5
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25
5
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In this principle, all relevant and material information should be reported.
Disclosure principle
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5
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This is also known as prudence. In case of doubt, assets and income should not be overstated while liabilities and expenses should not be unde
Conservatism principle
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5
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It is a business enterprise is separate and distinct from its owner or investor.
Business Entity Principle
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