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QUESTION 5 The matching concept states that revenues O are reported when they are incurred. U...
The matching principle states that O A. a business's activities can be sliced into small time...
The matching principle states that O A. a business's activities can be sliced into small time segments O B. companies should record revenue when it has been earned O c. financial statements can be prepared for specific periods OD. all expenses should be recorded when they are incurred during the period
True or False 1. Adjusting entries result in a better matching of revenues and expenses. 2....
True or False 1. Adjusting entries result in a better matching of revenues and expenses. 2. Accrued expenses are expenses not yet paid during the period but are owed and not yet recorded. 3. Accrued Revenue is revenue that has not yet been earned and not yet received nor recorded at the end of the period. 4. Liabilities are the owner's rights and claims to the property (assets) of a business. 5. The balance sheet is a financial statement that...
question 5, 6, and 7 7 D is 210,000 5. Revenues and Expenses are recorded: A....
question 5, 6, and 7
7 D is 210,000
5. Revenues and Expenses are recorded: A. Because cash is received or paid. B. Instead of cash being received or paid. C. When revenue is earned, or expenses are incurred. D. Only at month end 6. The accounting concept/principle being applied when adjusting entries are made is usually: A. Original cost B. Consistency. C. Matching revenues and expenses D. Materiality. 7. In 2013, Fiske Corporation purchased land for $115,000 at a...
The matching concept
The matching concept A) requires that the dollar amount of debits equal the dollar amount of credits on a trial balance B) determines that expenses related to revenue be reported at the same time the revenue is reported C) addresses the relationship between the journal and the balance sheet D) determines whether the normal balance of an account is a debit or credit
STUDY PROBLEM 1-15 MULTIPLE CHOICE QUESTIONS ONS urred while earning revenues arned, and reported 1. The...
STUDY PROBLEM 1-15 MULTIPLE CHOICE QUESTIONS ONS urred while earning revenues arned, and reported 1. The principle stating that all expenses incurred while earnin should be identified with the revenues when they are earned for the same time period is the: A. Cost Principle B. Revenue Principle SVP TO C. Expenses Principle 10 mobilo MSTURE D. Matching Principle n E. Timing Principle 2. The distinct The distinction between a current asset and other assets: A. is based on how long...
Revenue is reported on the income statement in the period earned. The accounting concept supporting this...
Revenue is reported on the income statement in the period earned. The accounting concept supporting this reporting is the a. Income statement concept. O b. revenue recognition concept. O c. cash basis concept. O d. adjusting concept.
Question 110 pts What items should be matched according to the matching principle? Group of...
Question 110 pts What items should be matched according to the matching principle? Group of answer choices Debits with credits Assets with liabilities Expenses with revenues Accruals with prepaids Flag this Question Question 210 pts When is revenue recorded under the cash-basis system of accounting? Group of answer choices When cash is received When revenue is earned When cash is received only if related expenses have been incurred In the period the related expenses are paid Flag this...
se Moua 7. The term "comprehensive income" as defined by the FASB a, must be reported...
se Moua 7. The term "comprehensive income" as defined by the FASB a, must be reported on the face of the income statement includes all changes in equity during a period except those resulting from nvestments by and distributions to owners. is the net change in owners' equity for the period. d. is synonymous with the term "net income." 8. Costs that can be reasonably associated with specific revenues but NOT with specific products should be charged to expense in...
Question Completion Status: QUESTION 16 The accounting assumption that states all expenses incurred in providing a...
Question Completion Status: QUESTION 16 The accounting assumption that states all expenses incurred in providing a service must be recorded in the same period that the revenue from the service is recognized is the: a. Expense recognition b. Time period c Business entity d. Materiality e. Revenue recognition QUESTION 17 The consistency assumption: a. requires that only events with an economic impact be recorded b.requires using the reporting alternative with the least favorable impact on net income and financial position....
CALCULATOR PRINTER VI Matching Question 257 Match the following statements to the appropriate terms. A twelve...
CALCULATOR PRINTER VI Matching Question 257 Match the following statements to the appropriate terms. A twelve month accounting period Expenses paid before they are incurred Cost less accumulated depreciation Divides the economic life of a business into artificial time periods Efforts are related to accomplishments A contra asset account > Recognition of revenue when the performance obligation is satisfied Revenues recognized but not yet received Expenses incurred but not yet paid > A cost allocation process Question Attempts: 0 of...
The matching principle states that O A. a business's activities can be sliced into small time segments O B. companies should record revenue when it has been earned O c. financial statements can be prepared for specific periods OD. all expenses should be recorded when they are incurred during the period
question 5, 6, and 7
7 D is 210,000
5. Revenues and Expenses are recorded: A. Because cash is received or paid. B. Instead of cash being received or paid. C. When revenue is earned, or expenses are incurred. D. Only at month end 6. The accounting concept/principle being applied when adjusting entries are made is usually: A. Original cost B. Consistency. C. Matching revenues and expenses D. Materiality. 7. In 2013, Fiske Corporation purchased land for $115,000 at a...
STUDY PROBLEM 1-15 MULTIPLE CHOICE QUESTIONS ONS urred while earning revenues arned, and reported 1. The principle stating that all expenses incurred while earnin should be identified with the revenues when they are earned for the same time period is the: A. Cost Principle B. Revenue Principle SVP TO C. Expenses Principle 10 mobilo MSTURE D. Matching Principle n E. Timing Principle 2. The distinct The distinction between a current asset and other assets: A. is based on how long...
Revenue is reported on the income statement in the period earned. The accounting concept supporting this reporting is the a. Income statement concept. O b. revenue recognition concept. O c. cash basis concept. O d. adjusting concept.
se Moua 7. The term "comprehensive income" as defined by the FASB a, must be reported on the face of the income statement includes all changes in equity during a period except those resulting from nvestments by and distributions to owners. is the net change in owners' equity for the period. d. is synonymous with the term "net income." 8. Costs that can be reasonably associated with specific revenues but NOT with specific products should be charged to expense in...
Question Completion Status: QUESTION 16 The accounting assumption that states all expenses incurred in providing a service must be recorded in the same period that the revenue from the service is recognized is the: a. Expense recognition b. Time period c Business entity d. Materiality e. Revenue recognition QUESTION 17 The consistency assumption: a. requires that only events with an economic impact be recorded b.requires using the reporting alternative with the least favorable impact on net income and financial position....
CALCULATOR PRINTER VI Matching Question 257 Match the following statements to the appropriate terms. A twelve month accounting period Expenses paid before they are incurred Cost less accumulated depreciation Divides the economic life of a business into artificial time periods Efforts are related to accomplishments A contra asset account > Recognition of revenue when the performance obligation is satisfied Revenues recognized but not yet received Expenses incurred but not yet paid > A cost allocation process Question Attempts: 0 of...
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