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Accounting Principles

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  • 1. Multiple Choice
    30 seconds
    1 pt

    Inventory is recorded at the lower of cost or net realizable value rather than the expected selling price. This ensures profit on the sale of inventory is only realized when the actual sale takes place.

    Going Concern

    Prudence Concept

    Materiality Concept

    History Cost

  • 2. Multiple Choice
    30 seconds
    1 pt

    The same accounting procedure must be followed in the same way in each accounting period.

    Consistency

    Materiality

    Objectivity

    Conservatism

  • 3. Multiple Choice
    30 seconds
    1 pt

    Financial statements contain all information necessary to understand a business's financial condition.

    Full Disclosure

    Periodicity

    Going Concern

    Objectivity

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