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5 Written questions

5 Matching questions

  1. unearned revenue
  2. journal
  3. prepaid expense
  4. depreciation
  5. accrual accounting
  1. a a liability account that results when a company receives cash from a customer for goods or services to be provided in the future
  2. b the allocation of the cost of assets to the fiscal periods that benefit from the assets' use
  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 an asset account that identifies a resource that has been paid for but not used
  5. e chronological record of a company's transactions

5 Multiple choice questions

  1. requires companies to recognize the expenses used to generate revenue in the same accounting period in which the revenues are recognized
  2. the process of transferring transactions to specific accounts in a company's ledger
  3. revenue recognized prior to the receipt of cash
  4. an asset account that increases when goods are sold on credit
  5. a transaction recorded in the accounting system to ensure the correct account balances are reported for a particular fiscal period

5 True/False questions

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

          

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

          

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

          

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

          

  5. contra accountan account that offsets another account

          

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