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Match the statements to the related financial terms that follow.
1.)             Includes the statement that the " Financial Statements present fairly, in all material respects the financial condition, in conformity with GAAP".
2.)             The ease of converting non-cash assets into cash.    
3.)             Recognizing revenue when earned(good or service delivered), and recording expenses when incurred(good or service received).
4.)             Updates the inventory account each time inventory is bought or sold.
5.)             Cash received from customers before any services or goods are provided.
6.)             May include cumulative provisions, which stipulates that any dividends unpaid in a given period will accumulate(dividends in arrears).
7.)             Posses the right to vote on general governance matters, such as the election of the board of directors.
8.)             Reflect increases and decreases to account balances using the language of debits and credits.
9.)             Created to uphold the matching principle under accrual accounting, so that expenses are recognized in the same operating cycle as the associated revenue.
10.)           What allowance approach should Management use if it is determined that 5% of total year end sales revenue will not be collecte
11.)           The process that initiates inventory write-downs from book value to current market value; which reduces the inventory and total asset balance reported on the balance sheet.
12.)           Companies that sell tomatoes typically use what method to account for the cost of the inventory sold?
13.)           Goodwill as an intangible asset would be tested for what on an annual basis?
14.)           The number of years that a peanut butter machine is expected to be able to convert nuts into peanut butter.
15.)           Separates accounts receivable balances into categories of time.
A. Unearned Revenue    J. Accrual Accounting    S. Audit Report
B. Significant Influence    K. Common Stock    T. Deferred Tax Asset
C. Allowance Method    L. Income Statement    U. Deferred Tax Liability
D. LIFO        M. Preferred Stock    V. Liquidity
E. Periodic Inventory    N. Earned Revenue    W. Lower of Cost or Market
F. FIFO        O. Balance Sheet    X. Impairment
G. Useful Life    P. Perpetual Inventory    Y. Ownership Lease
H. Salvage Value    Q. Sarbanes-Oxley Act    Z. Aging Schedule
I. Journal Entries    R. Net Book Value    
 
    Page(2 of 12)

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