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5 Written questions

5 Matching questions

  1. general ledger
  2. accrual accounting
  3. prepaid expense
  4. accounts receivable
  5. posting
  1. a the process of transferring transactions to specific accounts in a company's ledger
  2. b the primary ledger a company uses to record its account balances
  3. c a form of accounting in which revenues are recognized when they are earned and expenses are recognized when they are incurred
  4. d an asset account that identifies a resource that has been paid for but not used
  5. e an asset account that increases when goods are sold on credit

5 Multiple choice questions

  1. requires companies to recognize the expenses used to generate revenue in the same accounting period in which the revenues are recognized
  2. chronological record of a company's transactions
  3. the allocation of the cost of assets to the fiscal periods that benefit from the assets' use
  4. a liability account that results when a company receives cash from a customer for goods or services to be provided in the future
  5. the obligation for expenses that have been incurred or assets that have been acquired but not paid for

5 True/False questions

  1. adjusting entryreset the balances of each revenue and expense account to zero and transfer these balances to retained earnings

          

  2. ledgera file in which each of a company's accounts and the balances of those accounts are maintained

          

  3. deferred revenuewhen expenses are recognized after the payment of cash

          

  4. accrued revenuea liability account that results when a company receives cash from a customer for goods or services to be provided in the future

          

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