Accounting Principles
Minnesota School Of Business
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Accounting Principles Prep Questions With Verified Answers
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Accounting Principles Prep 
Questions With Verified Answers 
Which of the following expressions is incorrect? 
Sales revenue - cost of goods sold - Operating expenses = Net 
income 
Operating expenses - Cost of goods sold = Gross profit 
Net income + Operating expenses = Gross profit 
Gross profit - Operating expenses = Net income - ANSWER 
Operating expenses - Cost of goods sold = Gross profit 
Net income - ANSWER gross profit - operating expenses 
or 
Sales revenue - cost of goods sold - O...
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Accounting Principles and Formulas Questions With Verified Answers | UPDATED
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Accounting Principles and 
Formulas Questions With 
Verified Answers | UPDATED 
Basic Accounting Equation - ANSWER Assets = Liabilities + 
Owner's Equity 
Business Entity - ANSWER The financial statements report 
about a single business. Every business gets its own set of 
books. Accountants do not mix in the owner's personal financial 
information. 
Current - ANSWER "Current" liabilities are those debts that must 
be paid within one year or one operating cycle, whichever is 
longer....
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Accounting Principles Questions With Verified Answers | UPDATED
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Accounting Principles Questions 
With Verified Answers | 
UPDATED 
The consistency principle - ANSWER states that, once 
you adopt an accounting principle or method, continue to 
follow it consistently in future accounting periods. 
The full disclosure principle - ANSWER states that you 
should include in an entity's financial statements all 
information that would affect a reader's understanding of 
those statements. 
The materiality principle - ANSWER states that you are 
allowed to ...
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ACCCOB1 Accounting Principles Questions With Answers Verified 100%
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ACCCOB1 Accounting Principles 
Questions With Answers Verified 
100% 
GAAP - ANSWER Generally Accepted Accounting Principles. 
The standards and rules that accountants follow while recording 
and reporting financial activities. It encompasses the procedures 
accepted in the accounting process. 
IASB - ANSWER International Accounting Standards Board. 
They actively develop and issue accounting standards that will to 
be followed internationally. Its purpose is to narrow down the 
differen...
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ACCCOB1 Accounting Principles Exam Updated And Fully Solved 2023/2024
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ACCCOB1 Accounting Principles Exam Updated And Fully Solved 2023/2024 
 
GAAP Answer: Generally Accepted Accounting Principles. The standards and rules that accountants follow while recording and reporting financial activities. It encompasses the procedures accepted in the accounting process. 
 
IASB Answer: International Accounting Standards Board. They actively develop and issue accounting standards that will to be followed internationally. Its purpose is to narrow down the differences in the ...
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Accounting Principles Revision questions and answers(verified for accuracy)
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Accounting 
an information system that measures business activities, processes information, and communicates financial information. 
 
 
 
External Users 
make decisions ABOUT the entity (i.e. investors, bankers). 
 
 
 
Internal Users 
make decisions FOR the entity (i.e. managers). 
 
 
 
Financial Accounting 
focuses on the preparation of Financial Statements (often useful for those external to the firm) 
 
 
 
Management Accounting 
focuses on the preparation of internal reports (e.g. perform...
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ACCCOB1 Accounting Principles questions fully solved 2023
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GAAP 
Generally Accepted Accounting Principles. The standards and rules that accountants follow while recording and reporting financial activities. It encompasses the procedures accepted in the accounting process. 
 
 
 
IASB 
International Accounting Standards Board. They actively develop and issue accounting standards that will to be followed internationally. Its purpose is to narrow down the differences in the world when preparing a financial statement. 
 
 
 
Conceptual Framework of Financia...
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Accounting Principles and Assumptions 2023.
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Specific Accounting Principle 
Usually created by a pronouncement from an authoritative body 
 
 
 
Going-Concern Assumption 
Financial statements reflect the assumption that the business continues operating 
 
 
 
General Accounting Principle 
Derived from long-used and generally accepted accounting practices. 
 
 
 
Business Entity Assumption 
Every business is accounted for separately from its owner or owners 
 
 
 
Revenue Recognition Principle 
Revenue is recorded only when the earnings pro...
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identifying accounting principles and assumptions(verified for accuracy).
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usually created by a pronouncement from an authoritative body 
E. Specific accounting principle 
 
 
 
financial statements reflect the assumption that the business generally accepted accounting practices 
G. Going-concern assumption 
 
 
 
Derived from long used and generally accepted accounting practices 
A. General accounting principle 
 
 
 
Every business is accounted for separately from its owners or owner 
C. Business entity assumption 
 
 
 
Revenue is recorded only when the earnings pro...
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GENERAL ACCEPTED ACCOUNTING PRINCIPLES (GAAP), CONCEPTS and ASSUMPTIONS TEST WITH 100% CORRECT ANSWERS
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GENERAL ACCEPTED ACCOUNTING PRINCIPLES 
Are principles (including concepts and assumptions), which have gained international acceptance in the business world and accountancy profession. The accounting procedures, profit determination, preparation and presentation of financial statements must be in conformity with the generally accepted accounting principles. 
 
 
 
Business Entity Concept 
Under this concept, the business is treated, as having a separate personality from the owner/s 
Example - t...
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