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The Fundamental Principles of Accounting

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What are the rules and regulations that must be followed when reporting all financial data?

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1. Evan owns his own business running a coffee shop in a downtown area. Which principle must he remember that no matter what he does as a business owner, he must keep his personal dealings completely separate transactions?

2. What accounting principle requires having the ability to rely on documented information to record financial data?

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About This Quiz & Worksheet

With these assessment tools, you can see how much information you've retained regarding the seven accounting principles discussed in the corresponding lesson. The quiz and worksheet combo will test your understanding of these principles and their purposes.

Quiz & Worksheet Goals

To pass the assessment, you'll need to know the terminology used to refer to:

  • Rules and regulations for reporting financial data
  • The separation of a business owner's personal and business dealings
  • Relying on documentation to record financial information
  • The fact that all accounting actions deal with money
  • The necessity for personal relationships to remain separate from business transactions

Skills Practiced

This quiz and worksheet will allow you to test your skills in the following areas:

  • Reading comprehension - ensure that you draw the most important information on each of the seven accounting principles from the related lesson
  • Defining key concepts - ensure that you can accurately define each of the accounting principles
  • Knowledge application - use your knowledge to answer questions about the seven principles

Additional Learning

Review the lesson called The Fundamental Principles of Accounting to examine the seven principles in more detail. This lesson covers the following objectives:

  • Define the fundamental principles of accounting
  • Define and discuss each of the seven principles
  • Understand the importance of each principle in maintaining the best accounting practices
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