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2. The __________ unit assumption means transactions of U.S. companies are reported in dollars.
MONETARY OTENYMAR3. The cost principle is often described as the __________ cost principle.
HISTORICAL OARHSLCIIT4. __________ practices allows the format of a public utility's balance sheet to be different from that of a manufacturer.
INDUSTRY YNRUTDSI5. The concept of _________________ allows for the violation of an accounting principle when the amounts are insignificant.
MATERIALITY MATATERIILY6. The __________ entity assumption results in business transactions being kept separate from a sole proprietor's personal transactions.
ECONOMIC EOCNOMIC7. Full __________ is achieved through the notes to the financial statements.
DISCLOSURE SOIDSURCLE8. Results in the reporting of contingent losses, but not contingent gains.
CONSERVATISM SEMNACTOIVRS10. FASB is the acronym for _____________ Accounting Standards Board.
FINANCIAL ANALIIFNC11. The __________ concern assumption is that an enterprise will continue on long enough to carry out its objectives and commitments.
GOING IOGGN12. The U.S. government agency with authority over the reporting requirements of corporations whose stock is publicly traded in the U.S. is the Securities and ______________ Commission.
EXCHANGE AXENHCEG13. Under the __________-basis of accounting, revenues are reported on the income statement in the period in which they are earned.
ACCRUAL AACLURC14. Part of the _______________ unit assumption is that the U.S. dollar retains its purchasing power over time.
MONETARY YANORTME16. In cases of uncertainty, less profit is reported under this concept.
CONSERVATISM IOASRENVSTMC18. Defined as the cash or cash equivalent amount at the time of a transaction.
COST OSCT20. Communicating the significant accounting policies in the first note to the financial statements is related to the full ______________ principle.
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