ACC201 Module 5 (Ch 5) Homework #1
This is a matching exercise. The 10 numbered items listed below are explanations of specific terms and/or concepts pertained to the conceptual framework of accounting.
| 1 | An assumption that would be unreasonable to use in reporting on a firm that had become insolvent |
| 2 | Requires a company to use the same accounting procedures and practices through time |
| 3 | Required if the accounting treatment differs from that previously used for a particular item |
| 4 | An assumption that the life of an entity can be subdivided into time periods for reporting purposes |
| 5 | The assumption that economic activity can be measured by a monetary unit such as the dollar |
| 6 | None of these |
| 7 | Concerned with relative size of dollar amounts |
| 8 | A common basis for the recording of assets |
| 9 | The current body responsible for setting accounting standards in the United States |
| 10 | Requires separation of personal from business activities in the recording and reporting processes |
The lettered items below are specific terms or concepts pertaining to the conceptual framework of accounting.
| A | Historical cost |
| B | Going concern |
| C | FASB |
| D | Expense recognition |
| E | Consistency |
| F | Money measurement |
| G | Periodicity |
| H | Business entity |
| I | Full disclosure |
| J | Materiality |
SAMPLE ASSIGNMENT
