Match the Following Generally Accepted Accounting Principles with Their Definitions

question 9

Multiple Choice

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

• 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.

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Definitions:

Fight-Or-Flight

A physiological reaction to perceived harmful events, attacks, or threats to survival, preparing the body to either confront or flee from the situation.

Mediates

Acts as a negotiator or intermediary between parties to help resolve a dispute or bring about an agreement.

Duchenne Smiles

Genuine smiles that involve contraction of both the zygomatic major muscle, which pulls up the corners of the mouth, and the orbicularis oculi muscle, which raises the cheeks and forms crow's feet around the eyes.

Life Expectancy

The average period that an individual is expected to live as determined by statistical measures, often influenced by factors such as genetics, lifestyle, and environment.