Fill
in the Blank Questions

222.
Accounting is an ______________________ that identifies, records and
communicates relevant, reliable and comparable information about an
organization’s economic activities.
________________________________________

1-61

Chapter
01 – Accounting in Business

223. A
____________________ is a business that is owned by only one person.
________________________________________

224. ______________
users of accounting information are not directly involved in running the
organization.
________________________________________

225. ______________
is the area of accounting aimed at serving external users.
________________________________________

226. Congress
passed the ______________________ to help curb financial abuses at companies
that issue their stock to the public.
________________________________________

227. _________
are beliefs that separate right from wrong.
________________________________________

228. The
assumption that requires that a business be accounted for separately from its
owners is the __________________ assumption.
________________________________________

229. The
_______________ assumption requires that financial information is supported by
independent, unbiased evidence.
________________________________________

230. The
______________ assumption assumes business will continue operating indefinitely
instead of being closed or sold.
________________________________________

1-62

Chapter
01 – Accounting in Business

231.
The ________________
assumption states that transactions and events are expressed in money units.

________________________________________

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