1) Listed below are five terms are followed by a list of phrases that describe or characterize five of the terms. Match each phrase with the correct number code for the term Term number that matches the phrase. TERM PHRASE 1. Monetary unit assumption Implies consensus among different observers. 2. Verifiability Assumes all transactions can be identified with a particular entity. 3. Economic entity assumption Assumes an entity will continue to operate indefinitely 4. Going concern assumption Requires reporting the financial life of an entity in discrete time frames. 5. Periodicity assumption Ignores the possibility of inflation 2) Listed below are five terms followed by a list of phrases that describe or characterize each of the terms. Match each phrase with the correct number code for the term Term number that matches the phrase. TERM 1. Historical cost 2. Materiality 3. Revenue recognition PHRASE Basis of measurement for fixed assets. Discounts future cash flows. Occurs when goods or services are transferred to the customer. Reporting of all information that could affect decisions Application of GAAP sometimes avoided under this constraint 4. Full disclosure 5. Present value 3) Listed below are five terms followed by a list of phrases that describe or characterize each of the terms. Match each phrase with the correct number code for the term Term number that matches the phrase. TERM PHRASE 1. Financial Accounting Undermines representational faithfulness by Standards Board being inconsistent with neutrality. 2. Accounting Principles It established GAAP before the FASB. Board 3. Conservatism Its EITF Issues are GAAP when entered in the Accounting Standards Codification 4. American Institute of It has the authority to set U.S. accounting CPAs (AICPA) standards 5. Securities and Exchange It is the national organization for CPAs in Commission the United States. 119) Listed below are five terms followed by a list of phrases that describe or characterize each of the terms. Match each phrase with the correct number code for the term. Term number that matches the phrase. TERM PHRASE 1. Expenses Net assets. 2. Equity Outflows of resources to generate revenues. 3. Distributions to owners Cash dividends. 4. Investments by owners Claims of creditors against the assets of a business. 5. Liabilities Transfers of resources in exchange for common and preferred stock. 4) Listed below are five terms followed by a list of phrases that describe or characterize each of the terms. Match each phrase with the correct number code for the term Term number that matches the phrase. TERM 1. Losses 2. Assets PHRASE Net outflows from peripheral transactions. Increases in equity from the sale of goods and/or services. Results if an asset is sold for more than book value. All changes in equity except owner transactions. 3. Revenues 4. Comprehensive income 5. Gains Probable future economic benefits controlled by an entity 121) Listed below are 10 organizations followed by a list of phrases that describe or characterize the organizations. Match each phrase with the correct organization by placing the number designating the best term in the space provided by the phrase. Term number that matches the phrase. TERM PHRASE 1. SEC Establishes auditing standards in the US for public companies. 2. FASB Primary national organization of accountants working in industry 3. IASB Sets accounting standards in the United States. 4. AICPA Provides timely responses to financial reporting issues. 5. EITF The FASB's parent organization. 6. PCAOB Advises the FASB. 7. IMA FASB's predecessor, 8. FASAC Regulates the financial reporting for public companies. 9. APB National organization of certified public accountants. 10. FAF Sets global accounting standards
