Accounting principles (Learning Objective 4) 5–10 min.

Place the corresponding letter of the definition next to the term.

_____ 1. Cost principle _____ 2. Business entity principle _____ 3. Generally Accepted Accounting Principles _____ 4. Reliability principle

a. An organization that stands as a separate economic unit must not have its financial affairs confused with that of other entities.

b. Data must be verifiable.

c. Standards developed by FASB.

d. Acquired assets and services should be recorded at their actual cost.

AppendixLO1