Welcome to the Accounting Concepts Knowledge Quiz. There are different guidelines to follow when it comes to bookkeeping, and they include accounting concepts, principles, and laws. Revenue is only recognized when there is a certainty that it will be realized, whereas expenses are recognized when a reasonable possibility is incurred. In this quiz, you will test how well you know the different concepts and what they mean.
All events and transactions are recorded
All transaction and events which can be estimated in money are recorded in the books of account
All transaction and events which can be measured in money terms are recorded in the books of accounts
None of these
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Prudence
Full disclosure
Cost concept
Consistency
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Matching
Conservatism
Accounting period
Cost
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Matching concept
Cost concept
Dual aspect concept
Going concern concept
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A limited life
A very long life
An indefinite life
None of these
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Provision is made for bad and doubtful debts
Depreciation is charged on assets
Recording is made of outstanding expenses
All of above
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Going concern
Consistency
Accrual
Materiality
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