GAAP Accounting MCQs (Generally Accepted Accounting Principles)
Which of the following is a principle of GAAP?
A. Materiality
B. Consistency
C. Comparability
D. All of the above
Answer: D. All of the above
Which of the following statements is true regarding GAAP?
A. GAAP is a set of rules and regulations that companies must follow.
B. GAAP is optional and companies can choose not to follow it.
C. GAAP provides a framework for companies to follow in preparing their financial statements.
D. GAAP only applies to publicly traded companies.
Answer: C. GAAP provides a framework for companies to follow in preparing their financial statements.
Which of the following is an example of a fundamental accounting assumption?
A. Revenue recognition
B. Matching principle
C. Going concern
D. Materiality
Answer: C. Going concern
Which of the following is an example of a basic accounting principle?
A. Conservatism
B. Revenue recognition
C. Cost principle
D. Both B and C
Answer: D. Both B and C
Which of the following is not an example of a constraint in GAAP?
A. Materiality
B. Conservatism
C. Consistency
D. Industry practices
Answer: B. Conservatism
GAAP Accounting MCQs
Which of the following is an example of a constraint in GAAP?
A. Consistency
B. Materiality
C. Historical cost
D. Accrual accounting
Answer: B. Materiality
Which of the following is an example of an accounting principle?
A. Materiality
B. Consistency
C. Going concern
D. All of the above
Answer: C. Going concern
Which of the following is not a fundamental accounting assumption?
A. Economic entity
B. Monetary unit
C. Revenue recognition
D. Time period
Answer: C. Revenue recognition
Which of the following is an example of a basic accounting concept?
A. Conservatism
B. Revenue recognition
C. Cost principle
D. Both B and C
Answer: D. Both B and C
Which of the following is not a component of GAAP?
A. Accounting standards
B. Principles
C. Constraints
D. Recommendations
Answer: D. Recommendations
GAAP (Generally Accepted Accounting Principles) Accounting MCQs for Accountancy Exams
Which of the following is an example of a fundamental accounting concept?
A. Revenue recognition
B. Matching principle
C. Going concern
D. Materiality
Answer: A. Revenue recognition
Which of the following is an example of an accounting principle?
A. Materiality
B. Consistency
C. Historical cost
D. All of the above
Answer: C. Historical cost
Which of the following is not an example of a constraint in GAAP?
A. Industry practices
B. Comparability
C. Conservatism
D. Materiality
Answer: C. Conservatism
Which of the following is not a basic accounting principle?
A. Cost principle
B. Matching principle
C. Materiality
D. Revenue recognition
Answer: C. Materiality
Which of the following is an example of a fundamental accounting assumption?
A. Matching principle
B. Economic entity
C. Conservatism
D. Going concern
Answer: B. Economic entity
GAAP Accounting Solved MCQs
Which of the following is an example of a constraint in GAAP?
A. Economic entity
B. Materiality
C. Historical cost
D. Accrual accounting
Answer: B. Materiality
Which of the following is an example of an accounting principle?
A. Consistency
B. Revenue recognition
C. Going concern
D. All of the above
Answer: B. Revenue recognition
Which of the following is a fundamental accounting assumption?
A. Matching principle
B. Economic entity
C. Cost principle
D. Materiality
Answer: B. Economic entity
Which of the following is an example of a basic accounting concept?
A. Conservatism
B. Revenue recognition
C. Cost principle
D. Both B and C
Answer: D. Both B and C
Which of the following is a component of GAAP?
A. Financial statements
B. Principles
C. Constraints
D. Recommendations
Answer: B. Principles
GAAP (Generally Accepted Accounting Principles) Accounting MCQs
Which of the following is an example of an accounting principle?
A. Materiality
B. Consistency
C. Going concern
D. All of the above
Answer: B. Consistency
Which of the following is an example of a constraint in GAAP?
A. Comparability
B. Conservatism
C. Revenue recognition
D. Time period
Answer: A. Comparability
Which of the following is an example of a fundamental accounting concept?
A. Matching principle
B. Revenue recognition
C. Going concern
D. Materiality
Answer: C. Going concern
Which of the following is a basic accounting principle?
A. Materiality
B. Revenue recognition
C. Cost principle
D. Industry practices
Answer: C. Cost principle
Which of the following is a fundamental accounting assumption?
A. Conservatism
B. Economic entity
C. Historical cost
D. Accrual accounting
Answer: B. Economic entity
For more Accounting MCQs with Answers Click HERE