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Accounting Principles(Word Scramble)

Author:
Harold Averkamp, CPA, MBA

To see each answer, press or click on the blue "Unscramble" button. If you have difficulty answering the following questions, learn more about this topic by reading our Accounting Principles (Explanation).

1. General guidelines.

PRINCIPLES PCRPISELIN
PRINCIPLES PRILIECPSN

2. The __________ unit assumption means transactions of U.S. companies are reported in dollars.

MONETARY OTENYMAR
MONETARY MARNEYTO

3. The cost principle is often described as the __________ cost principle.

HISTORICAL OARHSLCIIT
HISTORICAL IAICHLOTSR

4. __________ practices allows the format of a public utility's balance sheet to be different from that of a manufacturer.

INDUSTRY YNRUTDSI
INDUSTRY NSTYRDUI

5. The concept of _________________ allows for the violation of an accounting principle when the amounts are insignificant.

MATERIALITY MATATERIILY
MATERIALITY YTMAIRATILE

6. The __________ entity assumption results in business transactions being kept separate from a sole proprietor's personal transactions.

ECONOMIC EOCNOMIC
ECONOMIC COIECMON

7. Full __________ is achieved through the notes to the financial statements.

DISCLOSURE SOIDSURCLE
DISCLOSURE SSODRIUCEL

8. Results in the reporting of contingent losses, but not contingent gains.

CONSERVATISM SEMNACTOIVRS
CONSERVATISM NSSVIOMECTRA

9. Permits the immediate expensing of insignificant assets.

MATERIALITY ILTITERAMAY
MATERIALITY RYATTMIEIAL

10. FASB is the acronym for _____________ Accounting Standards Board.

FINANCIAL ANALIIFNC
FINANCIAL FNIIALACN

11. The __________ concern assumption is that an enterprise will continue on long enough to carry out its objectives and commitments.

GOING IOGGN
GOING IGNGO

12. 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 AXENHCEG
EXCHANGE CNGEXEAH

13. Under the __________-basis of accounting, revenues are reported on the income statement in the period in which they are earned.

ACCRUAL AACLURC
ACCRUAL AUACRLC

14. Part of the _______________ unit assumption is that the U.S. dollar retains its purchasing power over time.

MONETARY YANORTME
MONETARY AENORYMT

15. Adjusting entries help to achieve the ____________ principle.

MATCHING HIGTMCNA
MATCHING IHCNMAGT

16. In cases of uncertainty, less profit is reported under this concept.

CONSERVATISM IOASRENVSTMC
CONSERVATISM INCVESSATORM

17. This assumption justifies quarterly financial statements.

PERIODICITY COREIPIDTIY
PERIODICITY TEIPROCYIID

18. Defined as the cash or cash equivalent amount at the time of a transaction.

COST OSCT
COST CTOS

19. Accrual accounting is related to this principle.

MATCHING AMNTGCHI
MATCHING IGNTMCHA

20. Communicating the significant accounting policies in the first note to the financial statements is related to the full ______________ principle.

DISCLOSURE ODEISUCRLS
DISCLOSURE RLSEUDIOSC
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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

Learn More About Harold

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