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5 Written questions

5 Matching questions

  1. matching principle
  2. closing entries
  3. deferred expenses
  4. accrued expenses
  5. general ledger
  1. a reset the balances of each revenue and expense account to zero and transfer these balances to retained earnings
  2. b when expenses are recognized prior to the payment of cash
  3. c when expenses are recognized after the payment of cash
  4. d requires companies to recognize the expenses used to generate revenue in the same accounting period in which the revenues are recognized
  5. e the primary ledger a company uses to record its account balances

5 Multiple choice questions

  1. a file in which each of a company's accounts and the balances of those accounts are maintained
  2. the process of recording, summarizing, and reporting accounting information
  3. the process of transferring transactions to specific accounts in a company's ledger
  4. the obligation for expenses that have been incurred or assets that have been acquired but not paid for
  5. revenue recognized after cash has been received

5 True/False questions

  1. contra accountan account that offsets another account

          

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

          

  3. accrued revenuerevenue recognized prior to the receipt of cash

          

  4. accounts payablean asset account that increases when goods are sold on credit

          

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

          

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