Match the Generally Accepted Accounting Principles (GAAP) term in List A with principles (definitions) in List B

List A                                                      List B

1) Money measurement                             a) each transaction must be recorded twice

2) Historical cost                                       b) maintain the same procedure for similar items

3) Going concern                                       c) keep separate accounts for business

4) Consistency                                           d) record items at purchase price

5) Business entity (legal personality)            e) record items that can be measured in monetary terms

6) Duality (double entry)                             f) assume that the business will continue indefinitely

______________________________

Check your answers Below


1) E  2) D  3) F  4) B  5) C  6)A

 
Do you know the answers to these multiple Choice Questions? 


Listed below are some opportunities in accounting associated with tasks. Pair each item from List A with their appropriate task from List B. 
  

List A                                                             List B

1) Auditing                                                       a) prepare corporate and personal tax statements

2) Budget analysis                                             b) participate in decisions concerning capital budgeting

3) Financial accounting                                       c) develop and manage an organization’s financial plans

4) Managerial accounting                                   d) prepare financial statements

5) Tax accounting                                             e) check accounting ledgers and financial statements

______________________________

Check your answers Below

1) E   2) C  3)D  4) B  5) A

 
The Sample SBA is up.

Click the link below to view it.

Picture
 
If you have been struggling with understanding debits and credits in accounts, go to our videos page or check out the videos below to see author, Nigel Cooper, explain the concept.

This is also a great resource for teachers. Enhance your classroom with the use of multimedia by introducing or reinforcing the concept to your students using the videos.


 
Our SBA Guide is now on our website.

Check out the Resources page and download the guide FREE!

Check back for the sample SBA soon.

 
Hi everyone. Welcome to our website. Your authors are currently creating even more resources for you, the Caribbean student or teacher.

Check back regularly to see the new resources or updates that will be added to the site.

Don't forget to leave us a question that we will respond to here on the blog or by email. See you again soon!