4/22/25, 5:03 PM ACCCOB1 Accounting Principles 2025 REAL EXAM QUESTIONS |MOST TESTED QUESTIONS AND CORRECT ANSWERS…
ACCCOB1 Accounting Principles 2025 REAL
EXAM QUESTIONS |MOST TESTED QUESTIONS
AND CORRECT ANSWERS |100%
ACCURATE|GET IT RIGHT!!
Save
Terms in this set (27)
Generally Accepted Accounting Principles. The
standards and rules that accountants follow while
GAAP recording and reporting financial activities. It
encompasses the procedures accepted in the
accounting process.
International Accounting Standards Board. They
actively develop and issue accounting standards
IASB that will to be followed internationally. Its purpose is
to narrow down the differences in the world when
preparing a financial statement.
https://quizlet.com/1034330820/acccob1-accounting-principles-2025-real-exam-questions-most-tested-questions-and-correct-answers-100-accura… 1/5
, 4/22/25, 5:03 PM ACCCOB1 Accounting Principles 2025 REAL EXAM QUESTIONS |MOST TESTED QUESTIONS AND CORRECT ANSWERS…
1. Underlying Assumption
a. Entity principle
b. Going concern
c. Monetary Unit
d. Time Period
2. General Principles
a. Historical cost principle
b. Revenue recognition principle
c. Matching principle
d. Accrual basis principle
e. Full disclosure principle
Conceptual Framework 3. Modifying Constraints
of Financial Reporting a. Materiality
b. Cost-benefit analysis
c. Conservatism
d. Industry practice
4. Qualitative Characteristics
a. Usefulness
b. Understandability
c. Relevance
d. Reliability
e. Neutrality
f. Comparability
g. Consistency
1. Entity concept
2. Going concern
Underlying Assumptions
3. Monetary Unit
4. Time Period
1. Historical cost principle
2. Revenue recognition principle
General Principles 3. Matching principle
4. Accrual basis principle
5. Full disclosure principle
1. Materiality
2. Cost-benefit analysis
Modifying Constraints
3. Conservatism
4. Industry practice
https://quizlet.com/1034330820/acccob1-accounting-principles-2025-real-exam-questions-most-tested-questions-and-correct-answers-100-accura… 2/5
ACCCOB1 Accounting Principles 2025 REAL
EXAM QUESTIONS |MOST TESTED QUESTIONS
AND CORRECT ANSWERS |100%
ACCURATE|GET IT RIGHT!!
Save
Terms in this set (27)
Generally Accepted Accounting Principles. The
standards and rules that accountants follow while
GAAP recording and reporting financial activities. It
encompasses the procedures accepted in the
accounting process.
International Accounting Standards Board. They
actively develop and issue accounting standards
IASB that will to be followed internationally. Its purpose is
to narrow down the differences in the world when
preparing a financial statement.
https://quizlet.com/1034330820/acccob1-accounting-principles-2025-real-exam-questions-most-tested-questions-and-correct-answers-100-accura… 1/5
, 4/22/25, 5:03 PM ACCCOB1 Accounting Principles 2025 REAL EXAM QUESTIONS |MOST TESTED QUESTIONS AND CORRECT ANSWERS…
1. Underlying Assumption
a. Entity principle
b. Going concern
c. Monetary Unit
d. Time Period
2. General Principles
a. Historical cost principle
b. Revenue recognition principle
c. Matching principle
d. Accrual basis principle
e. Full disclosure principle
Conceptual Framework 3. Modifying Constraints
of Financial Reporting a. Materiality
b. Cost-benefit analysis
c. Conservatism
d. Industry practice
4. Qualitative Characteristics
a. Usefulness
b. Understandability
c. Relevance
d. Reliability
e. Neutrality
f. Comparability
g. Consistency
1. Entity concept
2. Going concern
Underlying Assumptions
3. Monetary Unit
4. Time Period
1. Historical cost principle
2. Revenue recognition principle
General Principles 3. Matching principle
4. Accrual basis principle
5. Full disclosure principle
1. Materiality
2. Cost-benefit analysis
Modifying Constraints
3. Conservatism
4. Industry practice
https://quizlet.com/1034330820/acccob1-accounting-principles-2025-real-exam-questions-most-tested-questions-and-correct-answers-100-accura… 2/5
