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Recuritment and Selection

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HAND OUT FOR PREPARING FOR PART A

I. Financial Accounting

1) Cost, full disclosure, and matching are three of the basic accounting _________.
2) The FASB is responsible for developing new accounting _____________, which will become part of GAAP.
3) GAAP is the acronym for generally ___________ accounting principles.
4) Large companies must use the _________-basis of accounting, rather than the cash-basis of accounting.
5) A corporation 's annual report to the SEC is the Form _______-K.
6) The difference between the amounts of assets and liabilities is stockholders ' __________.
7) The balance sheet is also referred to as the statement of financial __________.
8) If a corporation 's stock is _________-traded, it will …show more content…

10) Accrual accounting is associated with this principle.

V. Adjusting Entries

1) Customer deposits for future services will be listed under which financial statement category? (assets, liabilities, expenses, etc.)
2) The accounting principle that requires expenses to be reported on the income statement when they occur rather than when they are paid.
3) A prepaid expense is reported as which type of account? (asset, liability, expense, etc.)
4) Depreciation is the systematic ________________ of the cost of an asset (used in a business) to expense over the useful life of the asset. (It is not a valuation technique.)
5) The time _________ assumption is also known as the periodicity assumption. It means that an ongoing business can be divided into years, quarters, months, etc.
6) On December 1 a company purchased $700 of supplies—approximately a three-month supply. On December 1 the asset Supplies was debited for $700. On December 31 the company needs to prepare a prepayment-type ___________ entry.
7) Adjusting entries are used to convert accounting information from the cash basis of accounting to the ______________ basis of accounting.
8) The typical number of accounts involved in an adjusting entry.
9) An adjusting entry to recognize that part of a customer 's prepayment has been earned will include a __________ to a liability account.
10) The accrued

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