Contability Essentials: Fundamentals Quiz

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Test your basic accounting knowledge now.

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ariane almeida

Brazil

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Froggy Jumps Contability Essentials: Fundamentals QuizOnline version Test your basic accounting knowledge now. by ariane almeida 1 What is the main purpose of entity principle in accounting? a To keep business finances separate from owners' personal finances b To track currency exchange rates c To maximize profits 2 Which principle ensures revenue is recognized when earned, not when paid? a Cost principle b Continuity principle c Revenue recognition principle 3 GAAP stands for what in accounting? a General Accepted Asset Practices b Global Accounting and Auditing Protocols c Generally Accepted Accounting Principles 4 What does the continuity principle assume about a business? a The entity will continue operating in the foreseeable future b The entity will be liquidated soon c The entity must change currencies daily 5 Which standard focuses on small and medium enterprises in Brazil? a NBC TG 1000 b NBC TG 9999 c NBC TG 5000 6 What is the cost principle primarily about? a Recording only revenue items b Valuing assets at current market price c Recording assets at their purchase cost 7 Which concept separates personal and business finances? a Causation concept b Liquidity concept c Entity concept 8 Which body creates Brazilian accounting standards? a IFRS Foundation b CPC c Conselho Federal de Contabilidade (CFC) 9 Which type of information do accounting reports primarily provide? a Customer contact lists b Financial position and performance of a company c Product designs 10 Why are NBCs important for Brazilian businesses? a They set tax rates b They standardize accounting practice across the country c They replace all local laws

Froggy Jumps

Contability Essentials: Fundamentals QuizOnline version

Test your basic accounting knowledge now.

by ariane almeida

What is the main purpose of entity principle in accounting?

To keep business finances separate from owners' personal finances

To track currency exchange rates

To maximize profits

Which principle ensures revenue is recognized when earned, not when paid?

Cost principle

Continuity principle

Revenue recognition principle

GAAP stands for what in accounting?

General Accepted Asset Practices

Global Accounting and Auditing Protocols

Generally Accepted Accounting Principles

What does the continuity principle assume about a business?

The entity will continue operating in the foreseeable future

The entity will be liquidated soon

The entity must change currencies daily

Which standard focuses on small and medium enterprises in Brazil?

NBC TG 1000

NBC TG 9999

NBC TG 5000

What is the cost principle primarily about?

Recording only revenue items

Valuing assets at current market price

Recording assets at their purchase cost

Which concept separates personal and business finances?

Causation concept

Liquidity concept

Entity concept

Which body creates Brazilian accounting standards?

IFRS Foundation

CPC

Conselho Federal de Contabilidade (CFC)

Which type of information do accounting reports primarily provide?

Customer contact lists

Financial position and performance of a company

Product designs

Why are NBCs important for Brazilian businesses?

They set tax rates

They standardize accounting practice across the country

They replace all local laws

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Contability Essentials: Fundamentals Quiz

Froggy Jumps

About this activity

Created by

Download the paper version to play

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Froggy Jumps

Contability Essentials: Fundamentals QuizOnline version

by ariane almeida

What is the main purpose of entity principle in accounting?

Which principle ensures revenue is recognized when earned, not when paid?

GAAP stands for what in accounting?

What does the continuity principle assume about a business?

Which standard focuses on small and medium enterprises in Brazil?

What is the cost principle primarily about?

Which concept separates personal and business finances?

Which body creates Brazilian accounting standards?

Which type of information do accounting reports primarily provide?

Why are NBCs important for Brazilian businesses?

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