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5 Written questions

5 Matching questions

  1. accounts payable
  2. accrued expenses
  3. accrued revenue
  4. posting
  5. deferred revenue
  1. a when expenses are recognized prior to the payment of cash
  2. b the process of transferring transactions to specific accounts in a company's ledger
  3. c revenue recognized prior to the receipt of cash
  4. d a liability account that identifies an obligation to pay suppliers in the near future
  5. e revenue recognized after cash has been received

5 Multiple choice questions

  1. when expenses are recognized after the payment of cash
  2. a liability account that results when a company receives cash from a customer for goods or services to be provided in the future
  3. a form of accounting in which revenues are recognized when they are earned and expenses are recognized when they are incurred
  4. the primary ledger a company uses to record its account balances
  5. reset the balances of each revenue and expense account to zero and transfer these balances to retained earnings

5 True/False questions

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

          

  2. accrued liabilitieswhen expenses are recognized prior to the payment of cash

          

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

          

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

          

  5. prepaid expensean asset account that identifies a resource that has been paid for but not used

          

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