Financial Accounting

May 19th, 2015
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Fort Hays State University
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The title of the asset account that reports the unexpired cost of insurance premiums that have already been paid is Insurance.

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HAND OUT FOR PREPARING FOR PART AI. Financial Accounting 1) Cost, full disclosure, and matching are three of the basic accounting _________.2) The FASB is responsible for developing new accounting _____________, which will become part of GAAP.3) GAAP is the acronym for generally ___________ accounting principles.4) Large companies must use the _________-basis of accounting, rather than the cash-basis of accounting.5) A corporation's annual report to the SEC is the Form _______-K.6) The difference between the amounts of assets and liabilities is stockholders' __________.7) The balance sheet is also referred to as the statement of financial __________.8) If a corporation's stock is _________-traded, it will have additional financial reporting requirements.9) Distributions of some of a corporation's net income to the stockholders.10) The word for an entry on the right side of an account. II.ACCOUNTING BASICS1) The title of the asset account that reports the unexpired cost of insurance premiums that have already been paid is _____________ Insurance.2) The owner's equity section of a corporation's balance sheet is known as shareholders equity or _______________________ equity.3) The title of the liability account that reports amounts that were received by the company before they were earned is ________________ Revenues.4) The financial statement that reports the financial position of a company as of an instant or point in time is the ________________

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