More ways to study this topic:
Print this topic (PDF)
when you join PRO.
To see each answer, press or click on "Unscramble".
If you have difficulty answering the following questions, learn more about this topic by reading our Accounting Principles (Explanation).
|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|
More ways to study this topic:
Studies show that exam questions are a great way to learn and retain important information. Gain access to our 1,700 accounting exam questions (and answers) when you upgrade to PRO.