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Accounting Principles (Word Scramble)

Author:
Harold Averkamp, CPA, MBA

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).

1. General guidelines.

PRINCIPLES ICEPSNLIPR
PRINCIPLES PNIICPLRES

2. The __________ unit assumption means transactions of U.S. companies are reported in dollars.

MONETARY YATMOENR
MONETARY NAYTEOMR

3. The cost principle is often described as the __________ cost principle.

HISTORICAL SATLIIHCOR
HISTORICAL SARTIHCILO

4. __________ practices allows the format of a public utility's balance sheet to be different from that of a manufacturer.

INDUSTRY TDYSRUNI
INDUSTRY TIUDSRNY

5. The concept of _________________ allows for the violation of an accounting principle when the amounts are insignificant.

MATERIALITY ITMRYTEAAIL
MATERIALITY RIAIMATLTEY

6. The __________ entity assumption results in business transactions being kept separate from a sole proprietor's personal transactions.

ECONOMIC COIONCME
ECONOMIC CCMNIEOO

7. Full __________ is achieved through the notes to the financial statements.

DISCLOSURE EDRUILSOSC
DISCLOSURE SSRELCUDIO

8. Results in the reporting of contingent losses, but not contingent gains.

CONSERVATISM SITMRAOVSCNE
CONSERVATISM SESACVRMNOTI

9. Permits the immediate expensing of insignificant assets.

MATERIALITY YTLEIMITARA
MATERIALITY AYATEIRMLTI

10. FASB is the acronym for _____________ Accounting Standards Board.

FINANCIAL ANICNFAIL
FINANCIAL ICAIALNNF

11. The __________ concern assumption is that an enterprise will continue on long enough to carry out its objectives and commitments.

GOING OGNGI
GOING NGGIO

12. 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 NCXAGEEH
EXCHANGE XCNGEAEH

13. Under the __________-basis of accounting, revenues are reported on the income statement in the period in which they are earned.

ACCRUAL CCLAAUR
ACCRUAL RAUACLC

14. Part of the _______________ unit assumption is that the U.S. dollar retains its purchasing power over time.

MONETARY OTAYMENR
MONETARY NOTARYME

15. Adjusting entries help to achieve the ____________ principle.

MATCHING TMNGIAHC
MATCHING CMTAIHGN

16. In cases of uncertainty, less profit is reported under this concept.

CONSERVATISM TSMNVECAIOSR
CONSERVATISM SOESCTNIVAMR

17. This assumption justifies quarterly financial statements.

PERIODICITY ITIPRYEIODC
PERIODICITY YIEOICDPTIR

18. Defined as the cash or cash equivalent amount at the time of a transaction.

COST SCOT
COST TCOS

19. Accrual accounting is related to this principle.

MATCHING CIHATNMG
MATCHING GHIMCNAT

20. Communicating the significant accounting policies in the first note to the financial statements is related to the full ______________ principle.

DISCLOSURE OUSSCRLEDI
DISCLOSURE OSECDRSUIL
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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

Learn More About Harold

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