_______ tells us that we should not commingle resources of one entity with another entity's resources.
What is entity concept
100
The value of what was given up to acquire the item is defined as what?
What is Cost
100
To avoid misleading users of financial reports, organizations should generally use the same accounting methods from period to period. Which term best supports this phrase?
What is Consistency
100
cash, patient receivable, and goodwill are examples of ___________
What are assets
100
Which step of the transaction analysis does the following statement reference: Determine which categories the accounts belong to.
What is Step 2
200
_______refers to an organization's financial year.
What is Fiscal Year
200
Financial statements are prepared based on the assumption that the organization will remain in business for the foreseeable future. If that is not likely to be the case, it must be disclosed. Which term best supports this phrase?
What is Going Concern
200
Financial report should be based on such evidence as reasonable individuals could all agree upon within relatively narrow bounds. Which term best supports this phrase?
What is Objective Evidence
200
_______represent the portion of earnings generated over the years that have not been distributed back out to the owners.
What is retained earnings
200
Which step of the transaction analysis does the following statement reference: What do the rules of debits and credits say.
What is Step 4
300
______________is a point-in-time statement because it represents the organization's financial position on a specific date
What is the balance sheet
300
An error is large enough to be a concern if any individual would make a different decision based on the incorrect information resulting from the error than if he or she possessed the correct information. Which term best supports this phrase?
What is Materiality
300
_______records transactions when cash is actually received for goods or services provided, or when cash is actually paid out.
What is cash accounting
300
___________for an organization lists the revenues, expenses, and surplus of deficit/change in net assets.
What is an operating statement
300
The _____________ shows how to calculate a new figure for capital.
What is the statement of owner's equity
400
___________ presents an organization's assets, liabilities, and equity/net assets.
What is a balance sheet
400
_________is based on the fact that each financial event affects the basic accounting equation.
What is The double entry system
400
The ____________ is made up of only revenue and expense.
What is the income statement
400
Which step of the transaction analysis does the following statement reference: Determine which accounts are affected.
What is Step 1
500
What does the basic accounting equation look like?
What is Assets = Liabilities + Net Assets
500
________is the master book or computer file in which all financial events are recorded in chronological order.
What is The accounting journal
500
________ is the list of the ending balances of all accounts in a ledger.
What is the trial balance
500
__________ records transactions when goods or services are provided and when resources are consumed to provide these goods or services.
What is accrual accounting
500
The total amount of debits must always _____ the total amount of credits.