Accounting Concepts-Fill in the Blanks

question 98

Essay

Accounting concepts-fill in the blanks.Fill in the blanks below with the accounting principle, assumption, or related item that best completes the sentence.1. ________________________ and _______________________ are the two fundamental qualities that make accounting information useful for decision making."
2. Information that helps users confirm or correct prior expectations has ____________________________________."
3. ________________________ enables users to identify the real similarities and differences in economic events between companies.
4. _________________ is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
5. Information is _______________________ if omitting it or misstating it could influence decisions that users make on the basis of the reported financial information.
6. The ________________________ characteristic requires that the same accounting method be used from one accounting period to the next, unless it becomes evident that an alternative method will bring about a better description of a firm's financial situation.
7. ____________________ means when in doubt, choose the solution that will be least likely to overstate income and assets.
8. Providing information that is of sufficient importance to influence the judgement and decisions of an informed user is referred to as _______________________.
9. Corporations must prepare accounting reports at least yearly due to the _______________ assumption.
10. _________________ occurs when the performance obligation is satisfied.

Understand key personality traits and dimensions, including the "Big Five."

Comprehend the significance and legal aspects of diversity and inclusion in the workplace.

Recognize the impact of individual differences on personal behavior and performance.

Identify various forms of workplace discrimination and understand their implications.

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Definitions:

Expense

An expense is an outflow of money or other valuable resources that an individual, company, or organization incurs as a result of performing its normal operations.

Indirect Labor

Indirect labor refers to wages paid to employees who are not directly involved in the production of goods or services, such as supervisors and maintenance workers.

Manufacturing

The method of transforming unfinished materials, components, or pieces into final products that satisfy a customer’s expectations or standards.

Product Units

Discrete pieces or quantities of items that have been produced and are often counted, measured, or sold individually.