Using Accounting Concepts to Make Business Decisions


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Jane and her boyfriend, Pete, want to open a flower shop. To open the shop, they decide to pool their money. Uneasy about opening a business account, they decide to split profits and deposit into their own personal checking accounts. Which of the following statements is true?

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1. Assets = Liabilities + Equities applies to which generally accepted accounting principle?

2. Stanley just bought a book on inventory counting. It provides over 1,000 ways to take inventory. So, he decides to use a different means of counting widgets in his warehouse each month. He does not mention it to the accounting manager just yet. He wants to find the perfect method first. Is this possible with the GAAP?

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About This Quiz & Worksheet

This quiz and worksheet can help you quickly review business and accounting determinations. Some of the terms you will need to be familiar with include assets and equities.

Quiz & Worksheet Goals

This quiz and worksheet can help you review:

  • What GAAP requires
  • GAAP concepts
  • Accounting
  • Business decisions

Skills Practiced

You can use this worksheet and quiz to test out the following skills:

  • Interpreting information - verify that you can read information regarding GAAP concepts and interpret it correctly
  • Information recall - access the knowledge you have gained regarding business decisions based on accounting principles
  • Reading comprehension - ensure that you draw the most important information from the related lesson on accounting principles

Additional Learning

To learn more about GAAP and business decisions, check out the lesson called Using Accounting Concepts to Make Business Decisions. This lesson will help you:

  • Learn what GAAP stands for
  • Determine what accounting is used for
  • Define dual aspect
  • Review GAAP concepts in regards to business decisions