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of 21 available terms

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5 Written Questions

5 Matching Questions

  1. contra account
  2. ledger
  3. accounts receivable
  4. accrued expenses
  5. unearned revenue
  1. a a file in which each of a company's accounts and the balances of those accounts are maintained
  2. b an asset account that increases when goods are sold on credit
  3. c an account that offsets another account
  4. d a liability account that results when a company receives cash from a customer for goods or services to be provided in the future
  5. e when expenses are recognized prior to the payment of cash

5 Multiple Choice Questions

  1. a transaction recorded in the accounting system to ensure the correct account balances are reported for a particular fiscal period
  2. the allocation of the cost of assets to the fiscal periods that benefit from the assets' use
  3. reset the balances of each revenue and expense account to zero and transfer these balances to retained earnings
  4. an asset account that identifies a resource that has been paid for but not used
  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. journalchronological record of a company's transactions


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


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


  4. accrued revenuewhen expenses are recognized prior to the payment of cash


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


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