This topic contains a solution. Click here to go to the answer

Author Question: The petty cash fund should be replenished only at the end of each accounting period so that the ... (Read 112 times)

ssal

  • Hero Member
  • *****
  • Posts: 572
The petty cash fund should be replenished only at the end of each accounting period so that the accounts are brought up-to-date.
 a. True
   b. False
   Indicate whether the statement is true or false

Question 2

Match each of the following terms with the appropriate definition. Each term should be used only once.
 
  a. Generally Accepted Accounting Principles (GAAP)
  b. Financial Accounting Standards Board (FASB)
  c. Separate-entity assumption
  d. Time-period assumption
  e. Usefulness
  f. Relevant
  g. Consistency
  h. Materiality
  i. Accounts payable
  j. On account
 
  _____ 1. Amounts that a company owes its vendors
  _____ 2. The significance of an amount or item on the financial statements
  _____ 3. The rules set by the SEC and FASB for preparing financial statements
  _____ 4. The most important characteristic of accounting information and the objective of financial reporting
  _____ 5. A qualitative characteristic of accounting information that requires that information be fresh and allows users to evaluate a firm's past performance to predict where a firm is going
  _____ 6. Term used to signify either buying or selling on credit
  _____ 7. A qualitative characteristic of accounting information that requires that firms use the same accounting rules from period to period
  _____ 8. The current standards setting body for the U.S. accounting profession
  _____ 9. The assumption that the life of the company can be separated into accounting periods of equal length
  _____ 10. The requirement that a company and its owners keep separate financial records



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

miss_1456@hotmail.com

  • Sr. Member
  • ****
  • Posts: 289
Answer to Question 1

False

Answer to Question 2

i, h, a, e, f, j, g, b, d, c




ssal

  • Member
  • Posts: 572
Reply 2 on: Jul 5, 2018
Thanks for the timely response, appreciate it


upturnedfurball

  • Member
  • Posts: 334
Reply 3 on: Yesterday
Excellent

 

Did you know?

The average person is easily confused by the terms pharmaceutics and pharmacology, thinking they are one and the same. Whereas pharmaceutics is the science of preparing and dispensing drugs (otherwise known as the science of pharmacy), pharmacology is the study of medications.

Did you know?

For pediatric patients, intravenous fluids are the most commonly cited products involved in medication errors that are reported to the USP.

Did you know?

Most childhood vaccines are 90–99% effective in preventing disease. Side effects are rarely serious.

Did you know?

Autoimmune diseases occur when the immune system destroys its own healthy tissues. When this occurs, white blood cells cannot distinguish between pathogens and normal cells.

Did you know?

The longest a person has survived after a heart transplant is 24 years.

For a complete list of videos, visit our video library