Create an account
The revenue recognition principle dictates that revenue should be recognized in the accounting records
When it is earned
After a business transaction has been analyzed and entered in the book of original entry, the next step in the recording process is to transfer the information to
Failure to prepare an adjusting entry at the end of the period to record an accrued expense would cause
an understatement of expenses and an understatement of liabilities.
The primary accounting standard setting body in the united states is the
Financial Accounting Standards Board
An accounting record where transactions are initially recorded in chronological order is called a
After all closing entries have been journalized and posted, the final step in the accounting cycle is to prepare a ______ trail balance
The entry to record the return of $25 of inventory to a supplier under the perpetual inventory system is recorded with a debit to
purchase returns and credit inventory
If a purchaser returns goods purchased on account to the supplier under a perpetual inventory system, the purchaser would debit
accounts payable and credit inventory
Which accounts are affected in the closing process under a perpetual inventory system?
Cost of goods sold, sales returns and allowances, and sales discounts
Under the perpetual inventory system, the adjusting entry to account for inventory shrinkage would include a
credit to inventory
customers individual accounts are included in a subsidiary ledger referred to as the
accounts receivable ledger
Assuming the use of special journals, the sales of merchandise to Jerri Blackwell on account would be recorded in the
certified public accountants are expected to maintain higher standards than society in general
because their ability to attract business depends entirely upon their reputation
Internal control over cash receipts is demonstrated by
a mailroom employee sending all customer checks to the treasurer who makes a bank deposit
Under the perpetual inventory system, the entry to record a sale on account would include a debit to
accounts receivable and a credit to sales revenue for the retail price of the inventory
The system for electronic linkages that allows different computers to share the same information is
To update the inventory records for the sale of merchandise under a perpetual inventory system, the entry would include a
Debit to cost of goods sold
Devises that enable members of a local network to access the internet but keep nonmembers out of the network
expenses, other than cost of goods sold, that are incurred in the entity's major line of business
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