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).
2. The __________ unit assumption means transactions of U.S. companies are reported in dollars.
MONETARY YMNTRAOE3. The cost principle is often described as the __________ cost principle.
HISTORICAL RICTAOLISH4. __________ practices allows the format of a public utility's balance sheet to be different from that of a manufacturer.
INDUSTRY TNSYRDUI5. The concept of _________________ allows for the violation of an accounting principle when the amounts are insignificant.
MATERIALITY MARTLITYIEA6. The __________ entity assumption results in business transactions being kept separate from a sole proprietor's personal transactions.
ECONOMIC ICMONOEC7. Full __________ is achieved through the notes to the financial statements.
DISCLOSURE OCLUSERISD8. Results in the reporting of contingent losses, but not contingent gains.
CONSERVATISM MSSAIEVONCRT10. FASB is the acronym for _____________ Accounting Standards Board.
FINANCIAL FILICNANA11. The __________ concern assumption is that an enterprise will continue on long enough to carry out its objectives and commitments.
GOING GNGOI12. 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 CGHENEXA13. Under the __________-basis of accounting, revenues are reported on the income statement in the period in which they are earned.
ACCRUAL CACRULA14. Part of the _______________ unit assumption is that the U.S. dollar retains its purchasing power over time.
MONETARY ANERYTOM16. In cases of uncertainty, less profit is reported under this concept.
CONSERVATISM RNVTISOCSMAE18. Defined as the cash or cash equivalent amount at the time of a transaction.
COST TCSO20. Communicating the significant accounting policies in the first note to the financial statements is related to the full ______________ principle.
DISCLOSURE ULDCOSSERIFeatured Review
"I am currently employed as a senior accountant. I became a PRO user back when I was seeking a new job, many years ago. Since I only obtained an associate degree in accounting, I wanted to use all the tools on your site to give me the edge to be able to learn more than ever before. Now my skill set is more advanced, and I was able to apply for my current role. I learned so much more than I have in 2 years of college. The readings and tutorial are easy to follow, and explain the ins and outs of everything. I previously had financial statements in my background, yet now I truly have a better understanding of how each account affects the TB. I continue to go back any time you offer new topics; it's my personal refresher. Just think how great it is to be able to go back and continue to learn, for a much cheaper price than a college course, for sure. I am so glad I purchased my subscription! Thank you, AccountingCoach!" - Victoria
Join PRO or PRO Plus and Get Lifetime Access to Our Premium Materials
Read all 2,645 reviewsWe now offer 10 Certificates of Achievement for Introductory Accounting and Bookkeeping: