Chapter 3 Accounting

8 Questions  I  By Txprincessshan on June 13, 2011
Accounting Qiuz

  

Question Excerpt

Removing question excerpt is a premium feature

Upgrade and get a lot more done!
1.  The revenue recognition concept
A.
B.
C.
2.  The revenue recognition concept states that revenue should be recorded in the same period as the cash is received.
A.
B.
3.  An adjusting entry would adjust an expense account so the expense is reported when incurred.
A.
B.
4.  Generally accepted accounting principles requires that companies use the ____ of accounting.
A.
B.
C.
5.  By matching revenues and expenses in the same period in which they incur
A.
B.
C.
6.  Proper reporting of revenues and expenses in a period is due to the accounting period concept.
A.
B.
7.  The entry to adjust for the cost of supplies used during the accounting period is
A.
B.
C.
8.  What is the proper adjusting entry at April 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $16,000, and unexpired amounts per analysis of policies, $6,000?
A.
B.
C.
Back to top


to post comments.

Removing ad is a premium feature

Upgrade and get a lot more done!
Take Another Quiz