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5 Written questions

5 Matching questions

  1. general ledger
  2. journal
  3. closing entries
  4. accrued expenses
  5. accrued liabilities
  1. a chronological record of a company's transactions
  2. b reset the balances of each revenue and expense account to zero and transfer these balances to retained earnings
  3. c the primary ledger a company uses to record its account balances
  4. d the obligation for expenses that have been incurred or assets that have been acquired but not paid for
  5. e when expenses are recognized prior to the payment of cash

5 Multiple choice questions

  1. revenue recognized after cash has been received
  2. an account that offsets another account
  3. the total amount of depreciation recorded for a company's assets
  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. when expenses are recognized after the payment of cash

5 True/False questions

  1. prepaid expensean asset account that identifies a resource that has been paid for but not used


  2. matching principlea liability account that identifies an obligation to pay suppliers in the near future


  3. postingchronological record of a company's transactions


  4. accounts payablean asset account that increases when goods are sold on credit


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


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