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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|
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