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5 Written questions

5 Matching questions

  1. contra account
  2. accounts receivable
  3. closing entries
  4. accounts payable
  5. journal
  1. a a liability account that identifies an obligation to pay suppliers in the near future
  2. b reset the balances of each revenue and expense account to zero and transfer these balances to retained earnings
  3. c an asset account that increases when goods are sold on credit
  4. d chronological record of a company's transactions
  5. e an account that offsets another account

5 Multiple choice questions

  1. the primary ledger a company uses to record its account balances
  2. a transaction recorded in the accounting system to ensure the correct account balances are reported for a particular fiscal period
  3. revenue recognized after cash has been received
  4. when expenses are recognized after the payment of cash
  5. revenue recognized prior to the receipt of cash

5 True/False questions

  1. ledgerchronological record of a company's transactions

          

  2. accounting cyclea liability account that identifies an obligation to pay suppliers in the near future

          

  3. accumulated depreciationthe allocation of the cost of assets to the fiscal periods that benefit from the assets' use

          

  4. accrual accountingan account that offsets another account

          

  5. matching principlea liability account that identifies an obligation to pay suppliers in the near future

          

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