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5 Written questions

5 Matching questions

  1. journal
  2. matching principle
  3. ledger
  4. contra account
  5. accounts payable
  1. a chronological record of a company's transactions
  2. b a file in which each of a company's accounts and the balances of those accounts are maintained
  3. c an account that offsets another account
  4. d a liability account that identifies an obligation to pay suppliers in the near future
  5. e requires companies to recognize the expenses used to generate revenue in the same accounting period in which the revenues are recognized

5 Multiple choice questions

  1. when expenses are recognized after the payment of cash
  2. reset the balances of each revenue and expense account to zero and transfer these balances to retained earnings
  3. an asset account that identifies a resource that has been paid for but not used
  4. an asset account that increases when goods are sold on credit
  5. revenue recognized after cash has been received

5 True/False questions

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

          

  2. accrued liabilitieswhen expenses are recognized prior to the payment of cash

          

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

          

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

          

  5. accrued expenseswhen expenses are recognized prior to the payment of cash