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5 Written Questions

5 Matching Questions

  1. accounts payable
  2. adjusting entry
  3. accounting cycle
  4. accumulated depreciation
  5. accrued liabilities
  1. a the total amount of depreciation recorded for a company's assets
  2. b a liability account that identifies an obligation to pay suppliers in the near future
  3. c the process of recording, summarizing, and reporting accounting information
  4. d a transaction recorded in the accounting system to ensure the correct account balances are reported for a particular fiscal period
  5. e the obligation for expenses that have been incurred or assets that have been acquired but not paid for

5 Multiple Choice Questions

  1. an asset account that identifies a resource that has been paid for but not used
  2. revenue recognized prior to the receipt of cash
  3. when expenses are recognized after the payment of cash
  4. the process of transferring transactions to specific accounts in a company's ledger
  5. an account that offsets another account

5 True/False Questions

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

          

  2. closing entriesreset the balances of each revenue and expense account to zero and transfer these balances to retained earnings

          

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

          

  4. journalthe process of transferring transactions to specific accounts in a company's ledger

          

  5. ledgerthe process of transferring transactions to specific accounts in a company's ledger

          

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