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Accounting Principles & Assumptions questions and answers
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Accounting Principles exam questionswith 100% correct answers
Compatibility Principle - answer Information system principle that prescribes an accounting
system to conform with a company's activities, personnel, and structure.
Conservatism Constraint - answer Principle that prescribes the less optimistic estimate when
two estimates are about equally likely.
Consistency Concept - answer Principle that prescribes use of the same accounting methods
over time so that financial statements are comparable across periods.
Control Principle - answer Information system principle that prescribes an accounting system to
aid managers in controlling and monitoring business activities.
Cost-benefit Principle - answer Information system principle that prescribes the benefits from
an activity in an accounting system to outweigh the costs of that activity.
Cost-benefit Constraint - answer The notion that the benefit of a disclosure exceeds the cost of
the disclosure.
Cost Principle - answer Accounting principle that prescribes financial statement information to
be based on actual costs incurred in business transactions.
Flexibility Principle - answer Information system principle that prescribes an accounting system
be able to adapt to changes in the company, its operations, and needs of decision makers.
Full Disclosure Principle - answer Principle that prescribes financial statements (including notes)
to report all relevant information about an entity's operations and financial condition.
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