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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What does the Going Concern principle state?
💡 Hint: Think about a business's future operations.
Question 2
Easy
Name one standardized framework used in Financial Accounting.
💡 Hint: These frameworks help maintain consistency.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What does Financial Accounting primarily focus on?
- Internal decision-making
- External reporting
- Tax assessments
💡 Hint: Think about who uses the information recorded.
Question 2
The Matching Principle relates to which aspect of accounting?
- True
- False
💡 Hint: Focus on timing with regards to earnings.
Solve 2 more questions and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A company has cash revenues of $500,000, but also has accounts receivable of $100,000 and accounts payable of $80,000. How would these amounts feature in the financial statements considering the Accrual Concept?
💡 Hint: Review the role of cash and accruals in accounting principles.
Question 2
Discuss how the Prudence Principle can lead to conservative estimates in preparing financial statements.
💡 Hint: Consider how financial results can be influenced by estimates.
Challenge and get performance evaluation