Match the Following Generally Accepted Accounting Principles with Their Definitions

question 3

Multiple Choice

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

• 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:

Mental and Physical Growth

Refers to the developmental process which includes both cognitive development and bodily maturation over time.

Prenatal Period

The stage of human development that takes place in the womb from conception until birth.

Clinical Psychologists

Professionals specialized in diagnosing, treating, and preventing mental, emotional, and behavioral disorders through therapy and assessment.

Everyday Problems

Refer to common issues or challenges that individuals face in their daily lives, often related to work, relationships, finance, and health.