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5 Written questions

5 Matching questions

  1. matching principle
  2. accumulated depreciation
  3. accrued liabilities
  4. journal
  5. deferred expenses
  1. a chronological record of a company's transactions
  2. b the obligation for expenses that have been incurred or assets that have been acquired but not paid for
  3. c the total amount of depreciation recorded for a company's assets
  4. d when expenses are recognized after the payment of cash
  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. a liability account that identifies an obligation to pay suppliers in the near future
  2. revenue recognized prior to the receipt of cash
  3. the process of recording, summarizing, and reporting accounting information
  4. the primary ledger a company uses to record its account balances
  5. a file in which each of a company's accounts and the balances of those accounts are maintained

5 True/False questions

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


  2. unearned revenuerevenue recognized after cash has been received


  3. accrued expenseswhen expenses are recognized after the payment of cash


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


  5. postingthe process of transferring transactions to specific accounts in a company's ledger