Accounting Principles (Word Scramble)

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1. General guidelines. PRINCIPLES CREPISNPIL Unscramble
2. The __________ unit assumption means transactions of U.S. companies are reported in dollars. MONETARY TORENYAM Unscramble
3. Adjusting entries help to achieve the ____________ principle. MATCHING NTAGHMIC Unscramble
4. The cost principle is often described as the __________ cost principle. HISTORICAL THLSCOIARI Unscramble
5. __________ practices allows the format of a public utility's balance sheet to be different from that of a manufacturer. INDUSTRY UTIRNYSD Unscramble
6. The concept of _________________ allows for the violation of an accounting principle when the amounts are insignificant. MATERIALITY IYARMILETAT Unscramble
7. The __________ entity assumption results in business transactions being kept separate from a sole proprietor's personal transactions. ECONOMIC IOCENOCM Unscramble
8. In cases of uncertainty, less profit is reported under this concept. CONSERVATISM RVETMCSOINSA Unscramble
9. Full __________ is achieved through the notes to the financial statements. DISCLOSURE ODRCSILUSE Unscramble
10. This assumption justifies quarterly financial statements. PERIODICITY IRDOCYIPIET Unscramble
11. Defined as the cash or cash equivalent amount at the time of a transaction. COST TOCS Unscramble
12. Accrual accounting is related to this principle. MATCHING NAGMITCH Unscramble
13. Results in the reporting of contingent losses, but not contingent gains. CONSERVATISM VESTMIRNASOC Unscramble
14. Permits the immediate expensing of insignificant assets. MATERIALITY TRIALITAEMY Unscramble
15. FASB is the acronym for _____________ Accounting Standards Board. FINANCIAL AFAILNCIN Unscramble
16. The __________ concern assumption is that an enterprise will continue on long enough to carry out its objectives and commitments. GOING OGIGN Unscramble
17. Communicating the significant accounting policies in the first note to the financial statements is related to the full ______________ principle. DISCLOSURE SECLUDORIS Unscramble
18. 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 HXGAENEC Unscramble
19. Under the __________-basis of accounting, revenues are reported on the income statement in the period in which they are earned. ACCRUAL CUCLARA Unscramble
20. Part of the _______________ unit assumption is that the U.S. dollar retains its purchasing power over time. MONETARY ATORMNYE Unscramble

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