Accounting Principles and Concepts MCQs

True Tamplin

Written by True Tamplin, BSc, CEPF®
Updated on May 1, 2022

Test your knowledge with this multiple choice question (MCQ) test on accounting principles and concepts. If you’re unsure about any questions, you can read about this topic in detail in the explanation section.

We have prepared a multiple choice questions quiz for the students to check their knowledge about Accounting Principles and Concepts chapter. The quiz consists of 10 multiple choice questions. Go through all the questions and then click the submit button to get the result.

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Frequently Asked Questions

What are the Accounting Conventions?

There are four widely recognized Accounting Conventions: conservatism, consistency, full disclosure, and materiality.

What are the three major principles of accounting?

Accounting Principles are the rules that an organization follows when reporting financial information. Some basic Accounting Principles have been developed through common usage. They form the basis upon which the complete suite of accounting standards has been built.

What are the three major principles of accounting?

What are the three major principles of accounting?

What is the Consistency Principle?

The Consistency Principle requires that once a company adopts an accounting method, it continue to use that method in all future periods.

What is Full Disclosure Principle?

Full Disclosure Principle states that a buyer has the right to know the exact condition of a product or service before agreeing to buy it.

True Tamplin, BSc, CEPF®

About the Author
True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website, view his author profile on Amazon, or check out his speaker profile on the CFA Institute website.

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