1. Consistency is when two or more accounting practices appear to be equally suitable to the transaction under consideration.
2. The going concern principle assumes that a company will continue in business into the future.
3. What is the professional organization that has the responsibility to set the ethics regulations for the accounting profession, and for writing and grading the Uniform Certified Public Accountant Examination?
4. Which organization sets the accounting standards to be followed for the preparation of financial statements?
Use the answers below to figure out your score, and see how well you understand the material of the first chapter. If you scored less than an 80% you should read over the chapter again before moving on.