Matching Basic Vocabulary Practice Problem - Acg 2021, Florida International University

in Chapter 1 (Problem 2 of 10)

Easy

Match the following accounting principles, accounting assumptions, and qualitative characteristics with their descriptions.

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.

	Click Here to View All Chapter 1 Problems at Once	View
1	Current Assets	Easy
2	Matching Basic Vocabulary You are here.	Easy
3	Retained Earnings	Easy
4	Account Classifications	Moderate
5	Solving for Missing Amounts	Moderate
6	Solving for Net Income	Moderate
7	Tying the Statements Together	Moderate
8	Account Classifications	Hard
9	Calculating Operating Income	Hard
10	Solving for Retained Earnings	Hard

1	The Accounting Equation	3:02
2	Assets vs Liabilities	5:32
3	Shareholder's Equity	5:26
4	The Balance Sheet	5:52
5	The Statement of Retained Earnings	5:51
6	The Income Statement	6:19
7	The Statement of Cash Flows	6:02
8	How the Statements Work Together	9:02
9	Current Assets	9:57
10	Non-Current Assets	10:25
11	Current Liabilities	6:24
12	Non-Current Liabilites	2:00
13	Contributed Capital	5:10
14	The Classified Balance Sheet	4:48
15	The Multistep Income Statement	12:44
16	Retained Earnings vs Shareholder's Equity	6:41

The Rest Of The Practice Problems