Principles of Accounting Volume 1: Financial Accounting

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Q1 | That a business may only report activities on financial statements that are specifically related to company operations, not those activities that affect the owner personally, is known as which of the following?
Q2 | That companies can present useful information in shorter time periods such as years, quarters, or months is known as which of the following?
Q3 | The system of using a monetary unit, such as the US dollar, to value the transaction is known as which of the following?
Q4 | Which of the following terms is used when assuming a business will continue to operate in the foreseeable future?
Q5 | The independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private-sector businesses that use generally accepted accounting principles (GAAP) in the United States is which of the following?
Q6 | The standards, procedures, and principles companies must follow when preparing their financial statements are known as which of the following?
Q7 | These are used by the FASB, and it is a set of concepts that guide financial reporting.
Q8 | This is the independent federal agency protecting the interests of investors, regulating stock markets, and ensuring companies adhere to GAAP requirements.
Q9 | Which of the following is the principle that a company must recognize revenue in the period in which it is earned; it is not considered earned until a product or service has been provided?
Q10 | Which of the following is the principle that a business must report any business activities that could affect what is reported on the financial statements?
Q11 | Also known as the historical cost principle, ________ states that everything the company owns or controls (assets) must be recorded at their value at the date of acquisition.
Q12 | Which of the following principles matches expenses with associated revenues in the period in which the revenues were generated?
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