PU COM 2026 Accounting Standards and Ethics Free Quiz 1

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PU COM 2026 Accounting Standards and Ethics Free Quiz 1

PU COM Quiz

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Answered: 0 / 10

Remaining: 10

Navigator 10 Q

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General 10 MCQs

1. What does GAAP stand for?

A. Generally Accepted Accounting Principles B. International Financial Reporting Standards C. General Accounting Procedures D. Global Accounting Practices

2. What does IFRS stand for?

A. GAAP B. IFRS C. IAS D. FASB

3. What are accounting ethics?

A. Laws B. Regulations C. Accounting ethics D. Procedures

4. What does professional conduct include?

A. Integrity only B. Objectivity only C. Confidentiality only D. Integrity, objectivity, confidentiality, competence

5. What requires accountants to be free from bias?

A. Independence B. Objectivity C. Integrity D. Confidentiality

6. What assumption records transactions when they occur?

A. Cash basis B. Accrual assumption C. Going concern D. Consistency

7. What assumption assumes a business will continue indefinitely?

A. Accrual B. Consistency C. Going concern D. Prudence

8. What assumption requires the same accounting methods to be used consistently?

A. Accrual B. Going concern C. Prudence D. Consistency

9. Which organization sets IFRS standards?

A. IASB B. FASB C. SEC D. PCAOB

10. Which organization sets accounting standards in the US?

A. IASB B. FASB C. SEC D. PCAOB

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Frequency: Bi-Annual | Time: 80 Minutes

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⚡ Test Pattern (Total: 100 MCQs):

English: 20 MCQs
Accounting: 20 MCQs
Economics: 20 MCQs
Quantitative Reasoning: 20 MCQs

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