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of 21 available terms

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5 Written Questions

5 Matching Questions

  1. accounts receivable
  2. ledger
  3. general ledger
  4. closing entries
  5. matching principle
  1. a requires companies to recognize the expenses used to generate revenue in the same accounting period in which the revenues are recognized
  2. b the primary ledger a company uses to record its account balances
  3. c reset the balances of each revenue and expense account to zero and transfer these balances to retained earnings
  4. d an asset account that increases when goods are sold on credit
  5. e a file in which each of a company's accounts and the balances of those accounts are maintained

5 Multiple Choice Questions

  1. the total amount of depreciation recorded for a company's assets
  2. a transaction recorded in the accounting system to ensure the correct account balances are reported for a particular fiscal period
  3. chronological record of a company's transactions
  4. the obligation for expenses that have been incurred or assets that have been acquired but not paid for
  5. a form of accounting in which revenues are recognized when they are earned and expenses are recognized when they are incurred

5 True/False Questions

  1. deferred revenuerevenue recognized after cash has been received


  2. postingchronological record of a company's transactions


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


  4. unearned revenuerevenue recognized prior to the receipt of cash


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


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