Question types

Start with

Question limit

of 21 available terms

Advertisement Upgrade to remove ads
Print test

5 Written questions

5 Matching questions

  1. accrued revenue
  2. accrued liabilities
  3. matching principle
  4. ledger
  5. journal
  1. a revenue recognized prior to the receipt of cash
  2. b the obligation for expenses that have been incurred or assets that have been acquired but not paid for
  3. c chronological record of a company's transactions
  4. d a file in which each of a company's accounts and the balances of those accounts are maintained
  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. the total amount of depreciation recorded for a company's assets
  2. an account that offsets another account
  3. the process of transferring transactions to specific accounts in a company's ledger
  4. reset the balances of each revenue and expense account to zero and transfer these balances to retained earnings
  5. revenue recognized after cash has been received

5 True/False questions

  1. unearned revenuerevenue recognized after cash has been received


  2. accounts receivablean asset account that increases when goods are sold on credit


  3. adjusting entrya transaction recorded in the accounting system to ensure the correct account balances are reported for a particular fiscal period


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


  5. accounts payablea liability account that identifies an obligation to pay suppliers in the near future