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5 Written questions

5 Matching questions

  1. ledger
  2. accounts payable
  3. accumulated depreciation
  4. matching principle
  5. depreciation
  1. a the allocation of the cost of assets to the fiscal periods that benefit from the assets' use
  2. b requires companies to recognize the expenses used to generate revenue in the same accounting period in which the revenues are recognized
  3. c the total amount of depreciation recorded for a company's assets
  4. d a file in which each of a company's accounts and the balances of those accounts are maintained
  5. e a liability account that identifies an obligation to pay suppliers in the near future

5 Multiple choice questions

  1. an account that offsets another account
  2. reset the balances of each revenue and expense account to zero and transfer these balances to retained earnings
  3. when expenses are recognized after the payment of cash
  4. the process of transferring transactions to specific accounts in a company's ledger
  5. chronological record of a company's transactions

5 True/False questions

  1. prepaid expensewhen expenses are recognized prior to the payment of cash

          

  2. deferred revenuerevenue recognized after cash has been received

          

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

          

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

          

  5. unearned revenuerevenue recognized prior to the receipt of cash