Accounting Essentials Quiz

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Test your grasp of key GAAP concepts.

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Jayden Tyo

Canadá

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Froggy Jumps Accounting Essentials QuizVersión en línea Test your grasp of key GAAP concepts. por Jayden Tyo 1 What principle requires recording income when earned, not when cash is received? a Revenue Recognition Principle b Time Period Concept c Consistency Principle 2 Which GAAP concept says the business is a separate entity from its owner? a Matching Principle b Objectivity Principle c Business Entity Concept 3 Which principle requires using the same accounting rule once chosen? a Time Period Concept b Objectivity Principle c Consistency Principle 4 Which principle ensures every transaction is backed by solid proof (a source document)? a Matching Principle b Revenue Recognition Principle c Objectivity Principle 5 Which principle requires matching expenses to related revenues in the same period? a Consistency Principle b Matching Principle c Time Period Concept 6 Time Period Concept requires slicing the business life into what? a One long continuous period b Equal periods (like months or years) c Different lengths each time 7 In the chart, which starting number is assigned to Revenues? a 4 b 2 c 1 8 Which document is a bill you send to a customer for goods/services? a Sales Invoice b Memo c Purchase Invoice 9 For a Cash Sales Slip, which account is debited? a Accounts Receivable b Sales (Revenue) c Cash 10 A Bank Debit Memo indicates what happened to your account? a Money was deducted b Money was added c No change occurred

Froggy Jumps

Accounting Essentials QuizVersión en línea

Test your grasp of key GAAP concepts.

por Jayden Tyo

What principle requires recording income when earned, not when cash is received?

Revenue Recognition Principle

Time Period Concept

Consistency Principle

Which GAAP concept says the business is a separate entity from its owner?

Matching Principle

Objectivity Principle

Business Entity Concept

Which principle requires using the same accounting rule once chosen?

Time Period Concept

Objectivity Principle

Consistency Principle

Which principle ensures every transaction is backed by solid proof (a source document)?

Matching Principle

Revenue Recognition Principle

Objectivity Principle

Which principle requires matching expenses to related revenues in the same period?

Consistency Principle

Matching Principle

Time Period Concept

Time Period Concept requires slicing the business life into what?

One long continuous period

Equal periods (like months or years)

Different lengths each time

In the chart, which starting number is assigned to Revenues?

Which document is a bill you send to a customer for goods/services?

Sales Invoice

Memo

Purchase Invoice

For a Cash Sales Slip, which account is debited?

Accounts Receivable

Sales (Revenue)

Cash

A Bank Debit Memo indicates what happened to your account?

Money was deducted

Money was added

No change occurred

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Accounting Essentials Quiz

Froggy Jumps

Sobre esta actividad

Creada por

Descarga la versión para jugar en papel

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Froggy Jumps

Accounting Essentials QuizVersión en línea

por Jayden Tyo

What principle requires recording income when earned, not when cash is received?

Which GAAP concept says the business is a separate entity from its owner?

Which principle requires using the same accounting rule once chosen?

Which principle ensures every transaction is backed by solid proof (a source document)?

Which principle requires matching expenses to related revenues in the same period?

Time Period Concept requires slicing the business life into what?

In the chart, which starting number is assigned to Revenues?

Which document is a bill you send to a customer for goods/services?

For a Cash Sales Slip, which account is debited?

A Bank Debit Memo indicates what happened to your account?

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