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5 Written questions

5 Matching questions

  1. accounts payable
  2. ledger
  3. closing entries
  4. journal
  5. deferred expenses
  1. a a file in which each of a company's accounts and the balances of those accounts are maintained
  2. b when expenses are recognized after the payment of cash
  3. c chronological record of a company's transactions
  4. d a liability account that identifies an obligation to pay suppliers in the near 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 primary ledger a company uses to record its account balances
  2. the process of transferring transactions to specific accounts in a company's ledger
  3. the process of recording, summarizing, and reporting accounting information
  4. an asset account that identifies a resource that has been paid for but not used
  5. when expenses are recognized prior to the payment of cash

5 True/False questions

  1. adjusting entryreset the balances of each revenue and expense account to zero and transfer these balances to retained earnings

          

  2. accrued revenuea liability account that results when a company receives cash from a customer for goods or services to be provided in the future

          

  3. accrual accountinga form of accounting in which revenues are recognized when they are earned and expenses are recognized when they are incurred

          

  4. deferred revenuerevenue recognized after cash has been received

          

  5. contra accounta form of accounting in which revenues are recognized when they are earned and expenses are recognized when they are incurred

          

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