The petty cash fund should be replenished only at the end of each ...

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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

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Answer to Question 1

False

Answer to Question 2

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

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