Reference no: EM132660092
Question 1) Which of the following accounting principles require that all goods and services purchased be recorded at actual cost?
A. Going-concern assumption.
B. Expense recognition (Matching) principle..
C. Measurement (Cost) principle.
D. Business entity assumption.
E. Consideration assumption.
Question 2) Which of the following accounting principles prescribes that a company record its expenses incurred to generate the revenue reported?
A. Going-concern assumption.
B. Expense recognition (Matching) principle.
C. Measurement (Cost) principle.
D. Business entity assumption.
E. Consideration assumption.
Question 3) A business's source documents:
A. Include the ledger.
B. Provide objective evidence that a transaction has taken place.
C. Must be in electronic form.
D. Are records of all increases and decreases in specific asset.
E. Include the chart of accounts
Question 4) The statement of owner's equity:
A. Reports how equity changes at a point in time.
B. Reports how equity changes over a period of time.
C. Reports on cash flows for operating, financing, and investing activities over a period of time.
D. Reports on cash flows for operating, financing, and investing activities at a point in time.
E. Reports on amounts for assets, liabilities, and equity at a point in time.
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