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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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