Accounting Principles

If you have difficulty answering the following questions, learn more about this topic by reading our Explanation of Accounting Principles.

NOTE: To see each answer, place your cursor in the middle of the cell under "Unscrambled Answer".

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

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