6. Complete the following sentences

1) Accounting Principles

1. General guidelines. _____________

2. The __________ unit assumption means transactions of U.S. companies are reported in dollars.

3. Adjusting entries help to achieve the ____________ principle.

4. The cost principle is often described as the __________ cost principle.

5. The concept of _________________ allows for the violation of an accounting principle when the amounts are insignificant.

6. The __________ entity assumption results in business transactions being kept separate from a sole proprietor's personal transactions.

7. Full __________ is achieved through the notes to the financial statements.

8. This assumption justifies quarterly financial statements. __________

9. Defined as the cash or cash equivalent amount at the time of a transaction. __________

10. Accrual accounting is related to this principle. __________

11. FASB is the acronym for _____________ Accounting Standards Board.

12. The __________ concern assumption is that an enterprise will continue on long enough to carry out its objectives and commitments.

13. Communicating the significant accounting policies in the first note to the financial statements is related to the full ______________ principle.

14. Under the __________-basis of accounting, revenues are reported on the income statement in the period in which they are earned.

15. Part of the _______________ unit assumption is that the U.S. dollar retains its purchasing power over time.

2) Elements of Financial Statements

1. Probable future economic benefits is part of the definition of __________.

2. Inflows from delivering goods or services and other activities that are part of a company's main operations.

3. The residual interest in the assets of an entity after deducting liabilities.

4. ______________ by owners increase their ownership interest.

5. Probable future sacrifices resulting from a past transaction or event.

6. Outflows, using up of assets, or incurring a liability as the result of earning revenues.

7. Other ___________________ income includes unrealized gains or losses on available-for-sale securities.

8. The net outflows resulting from peripheral transactions.

9. __________________ to owners will decrease owner's equity.

10. The net increases in equity from peripheral transactions.

3) Financial Statements

1. The _______ sheet will report the total amount of a corporation's retained earnings.

2. The financial statement that reports the liabilities is sometimes known as the statement of financial ____________.

3. The balance sheet reports amounts at a _________ in time.

4. The amount of working __________ can be calculated quickly from a classified balance sheet.

5. The income statement reports amounts for a _________ of time.

6. The amounts earned from a company's main activities.

7. The costs that are matched with revenues.

8. Sales minus the cost of goods sold equals _______ profit.

9. The financial statement that reports the change in cash and cash equivalents is the statement of cash ________.

10. Other comprehensive income is reported in the statement of stockholders' ________.

11. The heading of the statement of cash flows discloses the _________ of time covered.

12. The income statement is often referred to as the ________ and loss statement.

13. Bonds payable will be reported as a long-term ____________.

14. Financial statements are best prepared under the __________ basis of accounting.

15. Paid-in capital is one section of ________________' equity

16. The amounts to calculate the debt to equity ratio are found on the ________ sheet.

17. The current period's net income is part of the corporation's ___________ earnings reported on the balance sheet.

18. The costs expiring during the current accounting period.

19. Prepaid expenses are reported as ________.

20. Customer deposits are reported as _____________.