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.

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Definitions:

Phenotypes

The observable physical or physiological traits of an organism, determined by both genetic makeup and environmental influences.

Albinism

A hereditary inability to form melanin pigment, resulting in light coloration.

Pedigree

A chart constructed to show an inheritance pattern within a family through multiple generations.

Autosomal Recessive

A mode of genetic inheritance where two copies of a gene, one from each parent, are required for an individual to be affected by an inherited condition.