1. Which concept states that "You have to report accounting info at regular intervals?

"
2. Which principle states that one must "report enough information for outsiders to make
informed decisions about the company?"
3. What is the matching principle?
4. Recording assets and services, revenues, and expenses at their actual historical cost falls under
which principle?
5. In what principle states that one must base accounting records and statements on the most
accurate data available?
6. The _________ principle tells you when to record revenue, and how much to record. You record
revenue when you have provided your goods and services, whether you collect money at that
moment or not.
7. This concept means not overstating assets, owner's equity, and revenues, and not understating
liabilities and expenses
8. The entity concept in accounting refers to the idea that a business is treated as a separate entity
from its owners or shareholders. This means that personal assets and expenses of the owners
are not considered as part of the company's financial records.
9. _______ accounting requires you to take note of both cash collected and accounts receivable.
This means that you need to record revenue when it is earned, regardless of when the cash is
actually received. This allows for a more accurate representation of a company's financial
position and performance, as it takes into account revenue that has been earned but not yet
received in cash.
10. concept in accounting refers to the assumption that a business will continue its operations in the
foreseeable future. This means that financial statements are prepared under the assumption
that the company will not be liquidated or forced to cease operations. It is an important concept
as it allows for the proper valuation of assets and liabilities, and provides a basis for decision-
making by stakeholders. By assuming that the business will continue to operate, the financial
statements can accurately reflect the company's financial position and performance.
11. The concept of reporting numbers without considering inflation is known as the stable monetary
unit concept. This concept assumes that the currency used to measure financial transactions
remains stable over time and does not change in value due to inflation or deflation. It allows for
easier comparison of financial information across different time periods and ensures that the
reported numbers are not distorted by changes in the purchasing power of the currency.
12. the principle of accounting that requires caution and prudence in recognizing and reporting
financial information. It means that assets, owner's equity, and revenues should not be
overstated, while liabilities and expenses should not be understated. This principle ensures that
financial statements are conservative and reflect a more cautious approach, thereby reducing
the risk of overestimating the financial position of a company.
13. refers to the practice of using the same accounting principles and methods consistently over
time. This ensures that financial statements are comparable and can be easily understood and
analyzed.
14. concept states that the financial statements of an entity of one period should be comparable
with that of other periods as well as with the financial statements of other entities in the same
industry.
15. The concept states that the information provided in the financial statements of an entity should
be easily understandable by users.
16. A company should use the same accounting policies and methods for recording similar events or
transactions from one financial period to another.
17. According to historical cost concept, the assets and liabilities should be recorded at their
18. _______is an item that has very little or no impact on decision making ability of the users of
financial statements.
19. The accounting principle that guides us when to recognize revenue in accounting records is
known as principle.
20. Only those events and transactions that can be measured in can be recorded in accounting
records.