Wall /
Street
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Prep
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Accounting
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Exam Questions With Correct Answers
/ // // // //
FASB //- //verified //answer(s)-
✔✔Financial /
/Accounting /
/Standards //Board, //which //oversees //GAAP //through //issuance //of //SFAS, //oversight //by //the //SEC
SFAS //- //verified //answer(s)-
✔✔Standard //Financial //Accounting //Statements, //issued //by //the //FASB
AA,P,C: //Accounting //Entity //- //verified //answer(s)-
✔✔The //assumption //that //a //corporation //is //an //entity //separate //from //any //person
AA,P,C: //Going //Concern //- //verified //answer(s)-
✔✔The //Assumption //that //a //corporation //will //continue //to //exist //for //the //foreseeable //future
AA,P,C: //Measurement //& //Units //- //verified //answer(s)-
✔✔The /
/principle /
/that /
/financial /
/statements //can //only //show //the //quantifiable //assets //or //liabilities //of //a //corporation
, AA,P,C: //Periodicity //- //verified //answer(s)-
✔✔the /
/principle /
/that //financial //statements //reflect //a //standard //period //of //time, //usually //years //or //quarters
AA,P,C: //Historical //Cost //- //verified //answer(s)-
✔✔The /
/principle /
/that /
/resources /
/and /
/liabilities //are //recorded //at //their //initial //cost //rather //than //a //continuously //updating //value
AA,P,C: //Revenue //Recognition //- //verified //answer(s)-
✔✔The //principle //that //revenues //are //recorded //when //EARNED //and //MEASURABLE
AA,P,C: //Matching //- //verified //answer(s)-
✔✔The /
/principle /
/that //costs //must //be //recorded //in //the //same //period //that //revenues //were //generated
AA,P,C: //Disclosure //- //verified //answer(s)-
✔✔The //principle //that //a //corporation //must //reveal //all //relevant //financial //information
AA,P,C: //Estimates //and //Judgement //- //verified //answer(s)-
✔✔The //constraint //that //estimates/predictions //cannot //always //be //accurate
AA,P,C: //Materiality //- //verified //answer(s)-
✔✔The /
/constraint /
/that /
/one /
Street
/ /
Prep
/ /
Accounting
/ /
Exam Questions With Correct Answers
/ // // // //
FASB //- //verified //answer(s)-
✔✔Financial /
/Accounting /
/Standards //Board, //which //oversees //GAAP //through //issuance //of //SFAS, //oversight //by //the //SEC
SFAS //- //verified //answer(s)-
✔✔Standard //Financial //Accounting //Statements, //issued //by //the //FASB
AA,P,C: //Accounting //Entity //- //verified //answer(s)-
✔✔The //assumption //that //a //corporation //is //an //entity //separate //from //any //person
AA,P,C: //Going //Concern //- //verified //answer(s)-
✔✔The //Assumption //that //a //corporation //will //continue //to //exist //for //the //foreseeable //future
AA,P,C: //Measurement //& //Units //- //verified //answer(s)-
✔✔The /
/principle /
/that /
/financial /
/statements //can //only //show //the //quantifiable //assets //or //liabilities //of //a //corporation
, AA,P,C: //Periodicity //- //verified //answer(s)-
✔✔the /
/principle /
/that //financial //statements //reflect //a //standard //period //of //time, //usually //years //or //quarters
AA,P,C: //Historical //Cost //- //verified //answer(s)-
✔✔The /
/principle /
/that /
/resources /
/and /
/liabilities //are //recorded //at //their //initial //cost //rather //than //a //continuously //updating //value
AA,P,C: //Revenue //Recognition //- //verified //answer(s)-
✔✔The //principle //that //revenues //are //recorded //when //EARNED //and //MEASURABLE
AA,P,C: //Matching //- //verified //answer(s)-
✔✔The /
/principle /
/that //costs //must //be //recorded //in //the //same //period //that //revenues //were //generated
AA,P,C: //Disclosure //- //verified //answer(s)-
✔✔The //principle //that //a //corporation //must //reveal //all //relevant //financial //information
AA,P,C: //Estimates //and //Judgement //- //verified //answer(s)-
✔✔The //constraint //that //estimates/predictions //cannot //always //be //accurate
AA,P,C: //Materiality //- //verified //answer(s)-
✔✔The /
/constraint /
/that /
/one /
