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5 Written Questions

5 Matching Questions

  1. contra account
  2. matching principle
  3. closing entries
  4. accounts payable
  5. posting
  1. a the process of transferring transactions to specific accounts in a company's ledger
  2. b reset the balances of each revenue and expense account to zero and transfer these balances to retained earnings
  3. c requires companies to recognize the expenses used to generate revenue in the same accounting period in which the revenues are recognized
  4. d a liability account that identifies an obligation to pay suppliers in the near future
  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. revenue recognized after cash has been received
  3. when expenses are recognized after the payment of cash
  4. chronological record of a company's transactions
  5. a liability account that results when a company receives cash from a customer for goods or services to be provided in the future

5 True/False Questions

  1. accrued revenuerevenue recognized prior to the receipt of cash

          

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

          

  3. accumulated depreciationthe total amount of depreciation recorded for a company's assets

          

  4. accrued liabilitiesthe obligation for expenses that have been incurred or assets that have been acquired but not paid for

          

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

          

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