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Unformatted text preview: Possible Answers A. Acquisition cost principle. B. Full disclosure principle. C. Revenue realization principle. D. Materiality principle. 7. What accounting basis deals with money that is earned or is owed? Possible Answers A. Cash basis B. Accrual basis C. Profit Basis D. Earned Basis 8. U.S. accounting principles are mandated by two organizations; the FASB and the IASB 9. An accounting system should recognize losses when they are ________, but recognize gains when they are ________ . Possible Answers A. Certain, foreseeable B. Foreseeable, certain C. Consistent, inconsistent D. Inconsistent, consistent 10. The balance sheet does not have to balance when? Possible Answers A. There is an error by the accountant B. When the companies profit margin is very high C. If the company reissues stock D. Never. The balance sheet must always balance Normal.dot © Bolivar A. Senior - Colorado State University Last printed 0/0/0000 0:00:00 AM - 3 page(s) total...
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- Spring '08
- Generally Accepted Accounting Principles, pOssible answers A.