1. Correction of an error that occurred in the computation of the net income of a previous period is accomplished by the use of a .

2. A has operations that are clearly distinguishable operationally and for reporting purposes.

3. The accounting profession has stipulated that extraordinary items must be  and occur infrequently.

4. In calculating earnings per share, the numerator should consist of and the denominator should consist of .

5. earnings per share is calculated by ignoring the dilutive effect of convertible securities.

6. In calculating book value per share for a company with more than one class of stock, the amount allocated to preferred stock should be based on the preferred stock's call value, sometimes referred to as the or value.

7. An objective of financial accounting is to provide information useful in assessing the , , and of an organization's cash inflows and outflows.

8. Information is deemed to be if it influences the actions of a decision maker.

9. Usefulness of accounting information is enhanced if a company's financial statements are with the statements of other enterprises.

10. Accounting information should be comprehensible to those who have a understanding of business and economic activities.

11. are the assumptions, concepts, and procedures that collectively serve as the underlying foundation of accounting.

12. Congress established the to regulate business reporting practices for companies that issue publicly traded securities.

13. The is a national association of licensed CPAs, and, at one time, was the parent of the standard-setting .

14. The private sector organization currently in charge of formulating standards for financial reporting is the .

15. The assumption holds that an entity's life can be divided into discrete time periods.

16. The exchange rate in effect at a particular point in time is known as the .

17. Foreign currency payables and receivables will result in exchange gains and losses if exchange rates .