38) 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