Accounting Cycle: Fill In the Blanks

Written by True Tamplin, BSc, CEPF®

Reviewed by Subject Matter Experts

Updated on March 12, 2023

We've prepared this accounting cycle fill-in-the-blanks quiz to help students test their knowledge. We expect that this test will be most useful for students preparing for exams or interviews.

Answer each question and submit the quiz to receive your results. You can also enter your email address to receive the results in your mailbox.

1. refers to the accounting procedure used to record, classify, summarize and interpret the business transactions.
2. The standards which are made to make accounting practice uniform and adaptable are known as .
3. Accounting principles should be result-oriented, factual and .
4. The assumptions upon which accounting is based are called .
5. concept refers that for the purpose of accounting owner and business are two separate entities.
6. According to concept, this is assumed that the business will operate for a long period of time.
7. Under concept it is assumed that only those transactions which have a monetary value should be recorded in the book of account.
8. concept requires that an asset should be recorded on its cost on which it was purchased.
9. concept requires that the life of business should be segregated into equal parts.
10. concept requires that the revenues of a particular period must match with the expenses of that period.

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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®), author of The Handy Financial Ratios Guide, 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.