Accounting Principles

Fill in the Blank Questions

//Accounting Principles
Accounting Principles 2017-10-27T19:06:31+00:00

 

 

Instructions

Hover over the missing word with your mouse to show the correct fill in the blank answer.


1. According to the ——– owners and companies must be accounted for separately.

________________________
business entity concept

2. The ——— concept states that businesses should be treated as if they will continue to stay in business.

________________________
going concern

3. The ——— assumption maintains that goods and services must be measured in currency without regard to inflation.

________________________
monetary unit

4. The time period assumption or the ——– assumption assumes business activities can be divided into time periods.

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periodicity

5. Fixed assets are reported at their ——– on the balance sheet.

________________________
historical cost

6. The ——– principle states that income is recorded when earned.

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revenue recognition

7. The ——- principle states that expenses must be recorded with corresponding revenues in the same period.

________________________
matching

8. The ——– states that any information necessary for decision making should be included in the financial statement footnotes.

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full disclosure

9. According to the ——– principle, some financial information is not worth retrieving.

________________________
cost benefit

10. The ——– separates accounting information into two groups: de minimis and significant.

________________________
materiality concept