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Guess the Concepts!
Game Code: 932611
English
11
Public
Guessing the basic accounting concepts.
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It is a business enterprise is separate and distinct from its owner or investor.
Business Entity Principle
5
A business is expected to continue indefinitely in this principle.
Going Concern Principle
5
Financial statements are to be divided into specific time intervals in this principle.
Time Period Principle
5
The amounts are stated into a single monetary unit. What principle is this?
Monetary Unit Principle
5
Financial statements must be presented with supporting evidence.
Objectivity principle
5
The accounts should be recorded initially at cost is what principle?
Cost principle
5
Revenue should be recognized when earned regardless of collection and expenses should be recognized when incurred regardless of payment.
Accrual Accounting Principle
5
The cost should be matched with the revenue generated.
Matching Principle
5
In this principle, all relevant and material information should be reported.
Disclosure principle
5
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
5
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
5
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