Match the following accounting principles, accounting assumptions, and qualitative characteristics with their descriptions.
- Separate Entity Assumption
- Unit of Measure Assumption
- Conservatism
- Comparability
- Consistency
- Materiality
- Relevance
- Reliability
- Matching Principle
- Historical Cost Principle
- Time Period Assumption
- Matching Principle - ___________ Recognizes expenses in the same period when they are incurred in generating revenues
- Comparability - ___________ The quality that allows decision makers to analyze two or more companies within an industry and look for similarities and differences.
- Consistency - ___________ The quality that means that similar accounting methods have been applied over time within a company.
- Conservatism - ___________ The guideline that suggests accountants should take special care to not overstate revenues.
The Rest Of TheVideos
| 1 | Not completed | The Accounting Equation | 4 min |
| 2 | Not completed | Assets vs Liabilities | 6 min |
| 3 | Not completed | Shareholder's Equity | 6 min |
| 4 | Not completed | The Balance Sheet | 6 min |
| 5 | Not completed | The Statement of Retained Earnings | 6 min |
| 6 | Not completed | The Income Statement | 7 min |
| 7 | Not completed | The Statement of Cash Flows | 7 min |
| 8 | Not completed | How the Statements Work Together | 10 min |
Topic 1Practice Problems
| Click Here to View All Problems at Once | View | ||
| 1 | Not completed | Matching Basic Vocabulary You are here. | Easy |
| 2 | Not completed | Account Classifications | Moderate |
| 3 | Not completed | Solving for Net Income | Moderate |
| 4 | Not completed | Tying the Statements Together | Moderate |
| 5 | Not completed | Solving for Retained Earnings | Hard |