QuickBooks Ch. 10; Questions and
Answers…Grade A+
Prudence ✔✔The methods least likely to overstate assets and income
are used.
Consistency ✔✔The same accounting methods are used year to
year.
Revenue recognition ✔✔Publicly traded companies record when
revenue is earned.
Objectivity ✔✔Business statements are impartial and absent of bias.
Create delayed charges for the services as completed. ✔✔How can you keep
track of services
performed before adding charges to an invoice?
Financial Accounting and Services Board ✔✔What agency sets the GAAP
principles?
It posts transactions to the general ledger. ✔✔How does QuickBooks assist with
the third step of
Answers…Grade A+
Prudence ✔✔The methods least likely to overstate assets and income
are used.
Consistency ✔✔The same accounting methods are used year to
year.
Revenue recognition ✔✔Publicly traded companies record when
revenue is earned.
Objectivity ✔✔Business statements are impartial and absent of bias.
Create delayed charges for the services as completed. ✔✔How can you keep
track of services
performed before adding charges to an invoice?
Financial Accounting and Services Board ✔✔What agency sets the GAAP
principles?
It posts transactions to the general ledger. ✔✔How does QuickBooks assist with
the third step of
