Fill in the Blank Questions

16. The SEC has authority to define accounting terms and to prescribe accounting procedures used by all ____________________ held corporations. 

________________________________________

17. Financial accounting rules affect the recording of data used to prepare financial reports that go to ____________________ and creditors. 

________________________________________

18. Financial information is said to be ____________________ if it can be reviewed by accountants outside the company, and these accountants arrive at the same conclusions as the preparers of the firm's financial statements. 

________________________________________

19. Lack of ____________________ would result in financial reports that are not comparable with earlier statements. 

________________________________________

20. Revenue should not be recorded until it is ____________________ that is, until new assets are created in the form of money or claims against others. 

________________________________________

21. The ____________________ assumption permits the costs of assets purchased many years ago to be added to the costs of newly purchased assets for financial statement reporting. 

________________________________________

22. The ____________________ assumption, which assumes that a firm will continue to operate indefinitely, permits carrying forward a portion of the cost of assets that will be used in future periods. 

________________________________________

23. An accountant generally assumes that a firm is a(n) ____________________ and will continue to operate indefinitely. 

________________________________________

24. If an important fact that would have an effect on an investor's decisions is omitted from the financial statements, the ____________________ principle has been violated. 

________________________________________

25. The accountant records an expense for wages earned by employees during the last four days of the year, even though the wages will not be paid in that year. The accountant is following the ____________________ principle. 

________________________________________

26. The ____________________ principle requires that if income is to be properly measured, all expired costs associated with the earning of revenue must be deducted from the revenue in the same accounting period. 

________________________________________

27. If the ____________________ basis of accounting is used, income is recorded in the period in which it is earned. 

________________________________________

28. The ____________________ basis of accounting means that business transactions are recorded based on an "arm's length" transaction in the market. 

________________________________________

29. The modifying convention of ____________________ concerns the significance of an item in relation to the particular situation of which it is a part. 

________________________________________

30. Because of the modifying convention of ____________________, assets are understated rather than overstated if any uncertainty exists. 

________________________________________

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