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5 Written questions

5 Matching questions

  1. matching principle
  2. closing entries
  3. adjusting entry
  4. posting
  5. accounting cycle
  1. a a transaction recorded in the accounting system to ensure the correct account balances are reported for a particular fiscal period
  2. b reset the balances of each revenue and expense account to zero and transfer these balances to retained earnings
  3. c requires companies to recognize the expenses used to generate revenue in the same accounting period in which the revenues are recognized
  4. d the process of transferring transactions to specific accounts in a company's ledger
  5. e the process of recording, summarizing, and reporting accounting information

5 Multiple choice questions

  1. the primary ledger a company uses to record its account balances
  2. a liability account that results when a company receives cash from a customer for goods or services to be provided in the future
  3. when expenses are recognized prior to the payment of cash
  4. a file in which each of a company's accounts and the balances of those accounts are maintained
  5. an asset account that increases when goods are sold on credit

5 True/False questions

  1. accrued revenuerevenue recognized prior to the receipt of cash

          

  2. prepaid expensewhen expenses are recognized after the payment of cash

          

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

          

  4. deferred expenseswhen expenses are recognized prior to the payment of cash

          

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