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5 Written questions

5 Matching questions

  1. deferred expenses
  2. closing entries
  3. accrued liabilities
  4. unearned revenue
  5. matching principle
  1. a when expenses are recognized after the payment of cash
  2. b requires companies to recognize the expenses used to generate revenue in the same accounting period in which the revenues are recognized
  3. c the obligation for expenses that have been incurred or assets that have been acquired but not paid for
  4. d a liability account that results when a company receives cash from a customer for goods or services to be provided in the future
  5. e reset the balances of each revenue and expense account to zero and transfer these balances to retained earnings

5 Multiple choice questions

  1. the process of recording, summarizing, and reporting accounting information
  2. revenue recognized after cash has been received
  3. an asset account that identifies a resource that has been paid for but not used
  4. the process of transferring transactions to specific accounts in a company's ledger
  5. an account that offsets another account

5 True/False questions

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

          

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

          

  3. ledgera file in which each of a company's accounts and the balances of those accounts are maintained

          

  4. accrued revenuerevenue recognized prior to the receipt of cash

          

  5. accounts receivablea liability account that identifies an obligation to pay suppliers in the near future

          

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