Financial statements that are distributed outside of a company are to be prepared in accordance with generally accepted accounting principles.

Reinforce your accounting and bookkeeping knowledge with these free crossword puzzles with answers. If you have any difficulty answering the questions, learn more about this topic by reading our mini-lectures covering introductory to Accounting Principles.

Sample Accounting Principles Questions

1)  The Conceptual _________________ was a discussion memorandum issued by the FASB in the 1970s. Out of this came the FASB Statements of Financial Accounting Concepts.

2) Accounting Research ________________ were issued between 1939 and 1959. The ARBs remain a source of accounting principles unless superseded by the APB or FASB.

3) _______________ practices or peculiarities allow for modifications of accounting principles. Often this involves companies that are regulated by the federal government, such as banks, utilities, investment firms, and insurance companies.

4) The matching principle requires that expenses be matched with the related __________________ reported on the income statement.

5) Conservatism is often associated with this rule for inventory valuation. (acronym)

6) The assumption that the purchasing power of the dollar is constant is the __________________ unit assumption.

7) A qualitative characteristic associated with verifiability and "you can depend on it".

8) The cost principle is often referred to as the ______________ cost principle.

9) As a result of this principle, assets are recorded at the amount spent to acquire them rather than the amount that will be received when they are sold.

10) Accrual accounting is associated with this principle.

Go Top