Section 1 - Instruction
In our journey, we've explored the entire theoretical framework, from broad objectives down to specific principles like matching, conservatism, and consistency. Now, let's practice identifying and applying these principles in combination.
Engagement Message
Are you ready to put all the pieces together?
Section 2 - Practice
Type
Sort Into Boxes
Practice Question
Match the accounting action to the primary principle that guides it.
Labels
- First Box Label: Consistency
- Second Box Label: Conservatism
First Box Items
- Using FIFO yearly
- Same depreciation
- Sticking to a method
Second Box Items
- Lower of cost/market
- Recognizing losses
- Avoiding overstatement
Section 3 - Practice
Type
Swipe Left or Right
Practice Question
Is the accounting treatment described in each scenario a good practice or a bad practice?
Labels
- Left Label: Good Practice
- Right Label: Bad Practice
Left Label Items
- Company discloses inventory method change
- Firm writes down declined inventory
- Company expenses ads when sales occur
Right Label Items
- Company switches depreciation methods yearly
- Company records expenses only when cash paid
- CEO hides illegal payment as "immaterial"
Section 4 - Practice
Type
Fill In The Blanks
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