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5 Written questions

5 Matching questions

  1. unearned revenue
  2. journal
  3. closing entries
  4. accrued expenses
  5. accrual accounting
  1. a reset the balances of each revenue and expense account to zero and transfer these balances to retained earnings
  2. b a form of accounting in which revenues are recognized when they are earned and expenses are recognized when they are incurred
  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 chronological record of a company's transactions
  5. e when expenses are recognized prior to the payment of cash

5 Multiple choice questions

  1. an asset account that identifies a resource that has been paid for but not used
  2. an asset account that increases when goods are sold on credit
  3. the primary ledger a company uses to record its account balances
  4. requires companies to recognize the expenses used to generate revenue in the same accounting period in which the revenues are recognized
  5. a transaction recorded in the accounting system to ensure the correct account balances are reported for a particular fiscal period

5 True/False questions

  1. accrued liabilitiesthe obligation for expenses that have been incurred or assets that have been acquired but not paid for

          

  2. depreciationthe process of transferring transactions to specific accounts in a company's ledger

          

  3. contra accounta form of accounting in which revenues are recognized when they are earned and expenses are recognized when they are incurred

          

  4. accounting cyclea liability account that identifies an obligation to pay suppliers in the near future

          

  5. deferred expenseswhen expenses are recognized after the payment of cash