FRAMEWORK OF ACCOUNTING GENERAL TERMS CoNCEPTS AND PRINCIPLE

FRAMEWORK OF ACCOUNTING: GENERAL TERMS, CoNCEPTS AND PRINCIPLES NAME Place left hand column in the space provided to the far left of each statement TE the letter of the item in the right-hand column which is the proper match to the statement in the A 1.(2) is a service activity _ 2. Potential owners are among the (7) financial statements b. APB a. Journal of Accountancy 3.(7) accounting systems are primarily designed for internal c. general purpose 4. A balance sheet is one of the (7) financial statements e.qualitative objectives 5. A special responsibility of some accountants is to (?) f. external users users d. FASB to the reliability and fairness of statements 6. The standard and guidelines that apply to accounting are h. con g state society servatism often referred to as accounting (?) 7, A monthly publication of the American Institute of i. APB Opinion j. state board Certified Public Accountants 8- A (?) of accountancy regulates admission of new k. IFRS I attest m. adequate disclosure members to the profession -9. A publication of the American Accounting Association Improving financial accounting standards organizational needs of CPA\'s in each state of all materials facts about securities offered for public 10 The (?) is charged with responsibility for establishing and accounting 11. A (?) is responsible for meeting the professional o. cost valuation p. Accounting Revievw q. relevance r. principles s. SEC t. managerial _-12. The objective of (?) is to insure full and fair disclosure investment 13. (?) is responsible for providing guidelines for International financial reporting 14. The (?) was the body responsible for establishing accounting standards prior to the FASB. _-15. An (?) is regarded as an authoritative pronouncement and is the basis for a generally accepted accounting principle -16. According to APB Opinion No. 4, the primary factors that financial accounting should possess are (?) --17. The primary qualitative objective of accounting is (?) 18. A better term for full disclosure (?) 19. Valuing inventories at the lower of cost or market is an example of the (?) doctrine. 20. Accounting, as it is practiced today, is founded upon the (?) principle.

Solution

Therefore,

1-n

2-f

3-t

4-c

5-l

6-r

7-a

8-j

9-p

10-d

11-g

12-s

13-k

14-b

15-i

16-e

17-q

18-m

19-h

20-o