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