The test

The test

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  • I'm so stressed
  • Time to do this test
  • I am going to fail this! I don't remember anything
  • 1. State the four GAAP Principles 2. State one assumption 3.Name one Constraint 4.state one Qualitative Characteristic
  • I remember!
  • 1.- Revenue Recognition: Revenue should be recognized in the accounting period in which it was earned -Matching: Expenses have to match Revenue -Full Disclosure: Always disclose all information -Cost: Record all assets at historical cost 2. Monetary Unit: Only Transactions that can be expressed in terms of money should be included in records. 3.Cost Benefit:Value of info should be more than the cost. 4.Reliability: Verifiable, Neutral.
  • Good job on the test, Anna! You got 100%.
  • Oh Thank God!
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