Instructions
Hover over the missing word with your mouse to show the correct fill in the blank answer.
1. According to the ——– owners and companies must be accounted for separately.
2. The ——— concept states that businesses should be treated as if they will continue to stay in business.
3. The ——— assumption maintains that goods and services must be measured in currency without regard to inflation.
4. The time period assumption or the ——– assumption assumes business activities can be divided into time periods.
5. Fixed assets are reported at their ——– on the balance sheet.
6. The ——– principle states that income is recorded when earned.
7. The ——- principle states that expenses must be recorded with corresponding revenues in the same period.
8. The ——– states that any information necessary for decision making should be included in the financial statement footnotes.
9. According to the ——– principle, some financial information is not worth retrieving.
10. The ——– separates accounting information into two groups: de minimis and significant.
of accounting principles with these quizzes.
Accounting & CPA Exam Expert
Shaun Conrad is a Certified Public Accountant and CPA exam expert with a passion for teaching. After almost a decade of experience in public accounting, he created MyAccountingCourse.com to help people learn accounting & finance, pass the CPA exam, and start their career.
