Match the Following Generally Accepted Accounting Principles with Their Definitions

question 2

Multiple Choice

Match the following generally accepted accounting principles with their definitions.
-__ Going Concern

• A) The value of what was given up to acquire the item.
• B) In reporting the financial position of the organization, sufficient consideration should be given to the various risks the organization faces.
• C) To avoid misleading users of financial reports, organizations should generally use the same accounting methods from period to period.
• D) Financial statements are prepared based on the assumption that the organization will remain in business for the foreseeable future. If that is not likely to be the case, it must be disclosed.
• E) Financial reports should disclose any information needed to ensure that the reports are a fair presentation.
• F) An error is large enough to be a concern if any individual would make a different decision based on the incorrect information resulting from the error than if he or she possessed the correct information.
• G) Expenses should be recorded in the same accounting period as the revenues that they were responsible for generating.
• H) Financial report should be based on such evidence as reasonable individuals could all agree upon within relatively narrow bounds.

---

Definitions:

Surface Tension

The elastic tendency of a fluid surface which makes it acquire the least surface area possible, acting like a stretched elastic membrane.

Tracheal Tubes

Tubes that make up part of the respiratory system in insects, allowing gas exchange directly with body cells.

Spiracles

Openings on the surface of some animals, such as insects, spiders, and some fish, which lead to respiratory systems, allowing air to enter the body.

Annelids

A phylum of invertebrate animals characterized by their segmented bodies and include earthworms, leeches, and marine worms.