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Accounting concepts

Quiz by Jaya shree GRGSMS

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9 questions
Show answers
  • Q1
    Which accounting concept states that a transaction or event should be recorded at its original cost?
    Historical cost principle
    Consistency principle
    Materiality principle
    Matching principle
    30s
  • Q2
    Which accounting concept requires that expenses be recognized in the same period as the related revenues?
    Entity concept
    Materiality principle
    Conservatism principle
    Matching principle
    30s
  • Q3
    What is the concept that assumes a company will continue to operate indefinitely?
    Going concern concept
    Cost principle
    Entity concept
    Conservatism principle
    30s
  • Q4
    According to the accrual basis of accounting, when are revenues recognized?
    When they are earned
    When the goods are sold
    When the cash is disbursed
    When they are received
    30s
  • Q5
    Which accounting concept states that all of a company's transactions should be recorded in the same currency?
    Relevance Concept
    Monetary Unit Concept
    Materiality Concept
    Conservatism Concept
    30s
  • Q6
    What is the purpose of the accounting concept 'Materiality'?
    To ensure disclosure of all relevant financial information
    To ensure consistent use of accounting methods and principles
    To ensure that only significant information is included in financial statements
    To ensure accurate matching of expenses with revenues
    30s
  • Q7
    What is the purpose of the accounting concept 'Consistency'?
    To ensure disclosure of all relevant financial information
    To ensure accurate matching of expenses with revenues
    To ensure revenue recognition at the time of sale
    To ensure consistent use of accounting methods and principles
    30s
  • Q8
    Which accounting concept requires the disclosure of all relevant financial information to ensure that financial statements are not misleading?
    Materiality Concept
    Conservatism Concept
    Matching Concept
    Full Disclosure Concept
    30s
  • Q9
    What is the accounting concept that requires the separation of a business's transactions and activities from its owners' personal transactions?
    Conservatism principle
    Materiality principle
    Entity concept principle
    Consistency principle
    30s

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