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