4. Lesson 1(DOT)2(COLON) Accounting Concepts and Conventions
Lesson Focus — Quiz
Test your understanding of lesson focus with 5 practice questions.
Practice Questions
Question 1
What does the going concern concept in accounting imply?
Question 2
Which accounting concept ensures that revenues and expenses are recognized in the period they occur?
Question 3
What does the principle of consistency in accounting promote?
Question 4
What is the concept of materiality in accounting?
Question 5
Which concept states that a business is a separate legal entity from its owners?