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US GAAP Principles
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1. What is it called when an asset is entered into the accounting records at the price paid to acqure it?
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10 points
Cost-Benefit Relationship
Revenue Recognition Principle
Matching Principle
Historical Cost Principle
2. For an accounting record to be made, what assumption presumes a stable currency to be the unit of record?
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10 points
Time Period Assumption
Monetary Unit Assumption
Going Concern Assumption
Entity Assumption
3. Companies must fully disclose information that may impact decisions of users of financial information.
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10 points
Cost Principle
Matching Principle
Going Concern Assumption
Disclosure Principle
4. Accounting records that are kept for entities and not the people who own or run the company.
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10 points
Entitiy Assumption
Monetary Unity Assumption
Cost Principle
Time Period Assumption
5. What defines a specific interval of time for which as entity's reports are prepared?
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10 points
Monetary Unity Assumption
Entity Assumption
Going Concern Assumption
Time Period Assumption
6. Financial statements are prepared with the expectation that a business will remain in operation indefinitely.
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10 points
Monetary Unity Assumption
Entntiy Assumption
Going Concern Assumption
Time Period Assumption
7. These are recognized when they are earned or realized
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10 points
Materiality
Disclosure principle
Revenue Recogition Principle
Matching Principle
8. What requires that revenues and related expenses be recorded in same accounting period to avoid overstatement?
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10 points
Cost-Benefit Relationship
Disclosure Princple
Revenue Recognition Principle
Matching Principle
9. What requires an organization to select the accounting method that is least likely to overstate assets and understate liabilities?
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10 points
Disclosure Principle
Conservationism Principle
Matching Principle
Consistency Principle
10. What accounting practice states that an organization only records events that are significant enough to justify the usefulness?
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10 points
Materiality
Entity Assumption
Matching Principle
Monetary Principle
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