Team 1
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Team 2
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Teams
Name
Score
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monster
Reset all scores!
Oops!
×
gift
Win 20 points!
Okay!
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rocket
Go to first place!
Okay!
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lifesaver
Give 15 points!
Oops!
15
×
The rules and regulations which state how accountants operate in a particular place.
Local accounting standards
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Check
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Check
15
×
GAAP
Generally Accepted Accounting Principle
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Check
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Check
15
×
People or groups who are not involved with the company
Outside parties
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Check
Okay!
Check
15
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IASC
International Accounting Standards Committee
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Check
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Check
15
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What's standard? Items are recorded when the income and expense arises, not depend on movement of cash.
The going concern principle
The consistency principle
The prudence principle
The matching principle
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Check
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Check
15
×
IAS
International Accounting Standards
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Check
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Check
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trap
No points!
Oops!
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seesaw
Swap points!
Okay!
×
shark
Other team loses 5 points!
Okay!
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baam
Lose 25 points!
Oops!
15
×
IFRS
International Financial Reporting Standards
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Check
15
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A firm that sells its share to anyone who wants to buy them.
Publicly-traded company
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15
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What's standard? Accounts should be produced using the same principles from one year to the next year
The going concern principle
The matching principle
The prudence principle
The consistency principle
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Check
15
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What's standard? recognizing expenses immediately, and not recognizing income until it is reasonably certain
The going concern principle
The consistency principle
The prudence principle
The matching principle
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Check
Okay!
Check
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trap
No points!
Oops!
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rocket
Go to first place!
Okay!
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shark
Other team loses 5 points!
Okay!
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banana
Go to last place!
Oops!
15
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The way that most people do something.
Accepted practice
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Check
15
×
For example, Australia, the U.K, the U.S.A
English-speaking country
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Check
15
×
What's standard? When preparing accounts, one must assume that the company will still be viable in the years to come
The prudence principle
The matching principle
The consistency principle
The going concern principle
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Check
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Check
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