NAME: ________________________

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5 Written Questions

5 Matching Questions

  1. accrued revenue
  2. accrual accounting
  3. unearned revenue
  4. contra account
  5. journal
  1. a chronological record of a company's transactions
  2. b a liability account that results when a company receives cash from a customer for goods or services to be provided in the future
  3. c a form of accounting in which revenues are recognized when they are earned and expenses are recognized when they are incurred
  4. d revenue recognized prior to the receipt of cash
  5. e an account that offsets another account

5 Multiple Choice Questions

  1. the obligation for expenses that have been incurred or assets that have been acquired but not paid for
  2. when expenses are recognized after the payment of cash
  3. revenue recognized after cash has been received
  4. a transaction recorded in the accounting system to ensure the correct account balances are reported for a particular fiscal period
  5. the total amount of depreciation recorded for a company's assets

5 True/False Questions

  1. matching principlerequires companies to recognize the expenses used to generate revenue in the same accounting period in which the revenues are recognized


  2. general ledgerthe primary ledger a company uses to record its account balances


  3. depreciationthe process of transferring transactions to specific accounts in a company's ledger


  4. accounts payablea liability account that identifies an obligation to pay suppliers in the near future


  5. accounts receivablean asset account that increases when goods are sold on credit


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