Chapter 3 Accounting

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1.  Proper reporting of revenues and expenses in a period is due to the accounting period concept.
A.
B.
2.  An adjusting entry would adjust an expense account so the expense is reported when incurred.
A.
B.
3.  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.
4.  The entry to adjust for the cost of supplies used during the accounting period is
A.
B.
C.
5.  Generally accepted accounting principles requires that companies use the ____ of accounting.
A.
B.
C.
6.  The revenue recognition concept
A.
B.
C.
7.  The revenue recognition concept states that revenue should be recorded in the same period as the cash is received.
A.
B.
8.  By matching revenues and expenses in the same period in which they incur
A.
B.
C.
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