1. 1_______ entry bookkeeping will result in at least two accounts being involved in every transaction.

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Single Double General Accepted Accounting Principles General Audit Accounting Principles Financial Accounting Standard Board Fast And Safe Boarding

2. GAAP is the acronym for _______ _______ _________ _________.

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3. FASB is the acronym for ________ _________ _________ ______.

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4. The main components or elements of the income statement are _________,

expenses, gains, and losses.

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Provisions Revenues Contra Accounts Financing Investing Operating Security And Exchange Commission Secure Electronic Culture Payable Receivable

5. The first section of the statement of cash flows is the __________ activities.
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6. SEC is the acronym for __________ __ _________ _____________.

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7. The word "_________" is often in the title of liability accounts.

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8. Corporations whose stock is publicly traded must have their financial

statements ______ by independent certified public accountants.

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Checked Audited Approved

9Large corporations must follow the _________ basis of accounting..

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Accrual Cash

10 The accounting equation is Assets = _________ + Stockholders' (or

Owner's) Equity.
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Liabilities Payables

11.Prepaid insurance is reported as an _______ on a company's balance sheet.

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Asset Owned Property Insurance Policy

12 The non-government organization that researches and develops new

accounting standards is the _____.

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AICPA FASB IRS SEC

13Financial statements report the fair market value of a company.

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True False

14 The U.S. government agency with authority over the financial reporting

requirements of publicly traded corporations is the _____.

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AICPA FASB IRS SEC

15 Every transaction will have one account being credited and one account

being _________.
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Debited Credited

16 Financial accounting is focused on the ________ financial statements of a

company.
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External Internal

17 The acronym for the common rules and standards that companies must

follow when preparing its external financial statements is ____.

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GAAP Conventions

18 The statement of cash flows explains the changes in cash and cash

____________ during the specified time interval.

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Flows Equivalent

19 Matching, cost, and full disclosure are examples of the fundamental or

basic accounting ____________.

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Conventions Principles