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Guess the Concepts!

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    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