← SetsAccounting Principles — Set 1
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Accounting Principles Practice Questions — Set 1
10 free Accounting Principles reviewer questions with answers and explanations. Pindutin ang sagot mo para makita agad kung tama — kasama na ang paliwanag. Set 1 of 10.
1
What is the fundamental accounting equation?
2
Which accounting principle requires expenses to be recorded in the same period as related revenues?
3
Under which principle should a business recognize revenue when earned, regardless of cash receipt?
4
Which accounting assumption states that a business will continue to operate indefinitely?
5
What principle requires accountants to choose the method that least overstates assets and income?
6
A company borrows ₱1,000,000 from a bank. What is the effect on the accounting equation?
7
Which principle requires similar accounting methods be used from period to period?
8
What concept treats the business as separate from its owners for accounting purposes?
9
If total assets are ₱5,000,000 and total liabilities are ₱2,000,000, what is owner's equity?
10