Edit Game
Guess the Concepts!
 Delete

Use commas to add multiple tags

 Private  Unlisted  Public



 Save


Get beautiful free images


Delimiter between question and answer:

Tips:

  • No column headers.
  • Each line maps to a question.
  • If the delimiter is used in a question, the question should be surrounded by double quotes: "My, question","My, answer"
  • The first answer in the multiple choice question must be the correct answer.

 Import questions


Get beautiful free images






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


Get beautiful free images

Your experience on this site will be improved by allowing cookies.