Measurement refers the valuation of assets and liabilities in accounting process. Standards generally use one of two main principles in measurement: ….
Doğru Cevap!
Yanlış Cevap!
Doğru Cevap: B) Historical cost principle or Fair value principle
…. is an information system which provides financial information about the entity for decision makers
Doğru Cevap: B) Accounting
"Accounting standards are .........." Which of the following appropriately completes the definition above?
Doğru Cevap: D) a set of principles and rules that companies follow when they prepare and publish their financial statements
"An individual accounting tool that shows the increases and decreases in a specific asset, liability, or owner’s equity item during a specified period." describes which one of the following?
Doğru Cevap: A) Account
________ dictates that revenue is recognized when it is earned not the cash is received. Which of the following completes the statement above?
Doğru Cevap: B) Revenue recognition principle
Which of the following is the internal users of accounting?
Doğru Cevap: A) Managers
Which of the following is not one of the types of adjustment?
Doğru Cevap: E) Earned revenues
Which of the following statements is correct?
Doğru Cevap: A) Accounting is based on either the cash basis or the accrual basis
What is Journal and its importance?
Doğru Cevap: C) Accounting process starts with the identification of financial transactions of a business. These books of accounts are called journal. The journal is an important book under the double-entry system. Journal is the first book of systematic record of the financial transactions of the business.
