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Accounting Peregrine Exam Questions with Correct Answers.
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Accounting Peregrine Exam Questions with Correct Answers.
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Accounting Peregrine Exam Questions with CorrectAnswers
Relevance Correct Answer-The quality of information that indicates the
information makes a difference in a decision.
Reliability Correct Answer-the quality of information that gives
assurance that it is free of error and bias
Comparability Correct Answer-Ability to compare the accounting
information of different companies because they use the same
accounting principles.
Consistency Correct Answer-use of the same accounting principles and
methods from year to year within a company
Monetary Unit Assumption Correct Answer-Only items that be
expressed in money are included in the accounting records
Economic Entity Assumption Correct Answer-every economic entity
can be separately identified and accounted for
Time Period Correct Answer-The life of a business is divided into
meaningful time periods for financial reporting
Going Concern Assumption Correct Answer-Entity will continue to
operate long enough to recover the cost of its assets
, Revenue Recognition Principle Correct Answer-a revenue should be
recorded when a resource has been earned
Matching Correct Answer-Expenses are matched with related values in
the same accounting period
Cost Principle Correct Answer-A principle that states that acquired
assets and services should be recorded at their actual cost.
Full Disclosure Principle Correct Answer-A company reports details
behind financial statements that would impact users' decisions.
Materiality Constraint Correct Answer-Whether an item was large
enough to likely influence the decision of investor or creditor
Cost-Benefit constraint Correct Answer-only information with benefits
of disclosures greater than the costs of providing it need be disclosed
Conservatism Principle Correct Answer-the approach of choosing an
accounting method that will least likely overstate assets and net income
Basic Financial Statements Correct Answer-income statement, balance
sheet, cash flow statement
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