Enter the GAAP terminology next to the correct description….

Enter the GAAP terminology next to the correct description. [a]: if the value of an item is not significant, then other accounting principles may be ignored if it is not practical to use them [b]: financial statements must be prepared in a specific currency denomination [c]: requires that footnotes on the financial statements disclose any past or future events that could affect the financial health of the business [d]: expenses incurred should closely match the actual revenue those expenses generated [e]: a business’s financial transactions must be kept completely separate from those of the owners [f]: the time period of the financial statements must be reported [g]: there must be evidence (i.e. sales slips, invoices, guest checks) to back up the financial transactions reported [h]: the assumption that the business will be ongoing indefinitely and therefore assets are recorded at the price paid and not replacement value [i]: all business transactions must be recorded at their cash cost [j]: a business must consistently use one system to record transactions [k]: accountants must be conservative when reporting revenue and realistic when reporting expense and other liabilities

Again, remember that your webcam must be pointed so that BOT…

Again, remember that your webcam must be pointed so that BOTH hands and your desktop can be clearly seen for the entire duration of the test. If your camera is built-in to your computer, you may tilt is back as necessary to see the screen, but anytime you are working on your paper, your desktop and hands should be visible to the camera.  This quiz is closed book. The use of any resources including devices, websites or notes, is a violation of academic integrity.  Failure to follow the rules of this test will result in a ZERO on the quiz.