Question 1

Selecting the method of measurement that yields the gloomiest immediate results

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Question 2

The body that sets generally accepted accounting principles in the United States

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Question 3

An entry on the left side of an account

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Question 4

The principle that states that a company record revenue in its accounts only when it has earned and realized the revenue

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Question 5

The linking of revenues with the expenses incurred to generate them

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Question 6

By federal law, the agency with the ultimate responsibility for specifying the generally accepted accounting principles for U.S.companies whose stock is held by the general investing public

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Question 7

The conventions, rules, and procedures that together make up accepted accounting practice at any given time

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Question 8

An approach that implicitly underlies the decisions about the design of accounting systems, that the potential benefits should exceed the additional costs

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Question 9

Accuracy supported by a high extent of consensus among independent measures of an item

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Question 10

An entry on the right side of an account

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Question 11

A collection of the group of accounts that supports the items shown in the major financial statements

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Question 12

The group that establishes global GAAP

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Question 13

A method of keeping track of how multitudes of transactions affect each particular asset, liability, revenue, and expense

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Question 14

Given below are the daily balances in the accounts of the Alta Loma Company.Assuming only one transaction occurred each day, explain the nature of each transaction on May 1 to May 10. $\begin{array}{lrrrrrr}&& \text { Accts. } & && \text { Accts. } & \text { Owners' } \
&\text { Cash } & \text { Rec. } & \text { Inv. }&\text { Equip.} & \text { Payable } & \text { Equity }\\hline
\text { Beg. Bal. } & \$ 1,250 & \$ 500 & \$ 1,125 & \$ 3,000 & \$ 1,750 & \$ 5,250 \
\text { May 1 } & 1,250 & 500 & 1,325 & 3,000 & 1,950 & 5,250 \
\text { May 2 } & 1,400 & 350 & 1,325 & 3,000 & 1,950 & 5,250 \
\text { May 3 } & 1,225 & 350 & 1,325 & 3,000 & 1,775 & 5,250\
\text { May 4 } & 1,600 & 350 & 1,325 & 3,000 & 1,775 & 5,625 \
\text { May 5 } & 1,375 & 350 & 1,325 & 3,575 & 2,125 & 5,625 \
\text { May 6 } & 1,375 & 350 & 1,200 & 3,575 & 2,000 & 5,625 \
\text { May 7 } & 1,450 & 700 & 1,200 & 3,150 & 2,000 & 5,625\
\text { May 8 } & 1,200 & 700 & 1,200 & 3,150 & 2,000 & 5,375 \
\text { May 9 } & 1,175 & 700 & 1,225 & 3,150 & 2,000 & 5,375 \
\text { May 10 } & 1,175 & 700 & 1,225 & 3,425 & 2,000 & 5,650
\end{array}$

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Question 15

An examination or in-depth inspection of a firm's financial statement and records

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Question 16

The accounting convention that justifies the omission of insignificant information when its omission or misstatement would not mislead a user of the financial statements

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Question 17

A method of record keeping in which each transaction affects at least two accounts

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Question 18

Companies carry forward assets because they expect to recover the cost of these assets in the form of cash inflows or reduced cash outflows) in future periods

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Quiz 15: Basic Accounting: Concepts, Techniques, and Conventions