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5 Written questions

5 Matching questions

  1. unearned revenue
  2. accumulated depreciation
  3. accounts receivable
  4. general ledger
  5. prepaid expense
  1. a the primary ledger a company uses to record its account balances
  2. b an asset account that identifies a resource that has been paid for but not used
  3. c a liability account that results when a company receives cash from a customer for goods or services to be provided in the future
  4. d the total amount of depreciation recorded for a company's assets
  5. e an asset account that increases when goods are sold on credit

5 Multiple choice questions

  1. revenue recognized prior to the receipt of cash
  2. when expenses are recognized after the payment of cash
  3. a form of accounting in which revenues are recognized when they are earned and expenses are recognized when they are incurred
  4. the process of recording, summarizing, and reporting accounting information
  5. reset the balances of each revenue and expense account to zero and transfer these balances to retained earnings

5 True/False questions

  1. matching principlethe process of recording, summarizing, and reporting accounting information

          

  2. ledgerchronological record of a company's transactions

          

  3. deferred revenuerevenue recognized after cash has been received

          

  4. postingchronological record of a company's transactions

          

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