Theory base accounting and accounting standards Quiz-2
Theory base accounting and accounting standards Quiz-2 Index => Theory base accounting and accounting standards Quiz-2 Quiz Show all questions <= => Which of the following is not a characteristic of accounting principles? ? They are flexible. ? They are generally accepted. ? They are objective. ? They are neutral. Accounting standards are not perfect and have some limitations. Which of the following is NOT a limitation of accounting standards? ? They are based on historical costs. ? They are subjective and open to interpretation. ? They may not be relevant to all users of financial statements. ? They are constantly evolving. The verifiable objective concept is an accounting principle that states that accounting information must be verifiable and objective. Which of the following is an example of the verifiable objective concept? ? A business records a sale when