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5 Written questions

5 Matching questions

  1. accrued revenue
  2. accounts payable
  3. adjusting entry
  4. ledger
  5. general ledger
  1. a a liability account that identifies an obligation to pay suppliers in the near future
  2. b a file in which each of a company's accounts and the balances of those accounts are maintained
  3. c the primary ledger a company uses to record its account balances
  4. d a transaction recorded in the accounting system to ensure the correct account balances are reported for a particular fiscal period
  5. e revenue recognized prior to the receipt of cash

5 Multiple choice questions

  1. an asset account that increases when goods are sold on credit
  2. a liability account that results when a company receives cash from a customer for goods or services to be provided in the future
  3. the obligation for expenses that have been incurred or assets that have been acquired but not paid for
  4. an account that offsets another account
  5. an asset account that identifies a resource that has been paid for but not used

5 True/False questions

  1. journalchronological record of a company's transactions


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


  3. accumulated depreciationthe total amount of depreciation recorded for a company's assets


  4. postingchronological record of a company's transactions


  5. accrual accountingan account that offsets another account