TCC Accounting Exam 1, Questions and answers, 100% Verified Accurate.
13 views 0 purchase
Course
TCC
Institution
TCC
TCC Accounting Exam 1, Questions and answers, 100% Verified Accurate.
the accounting process is correctly sequenced as - -identification, recording, communication
generally accepted accounting principles are - -standards that indicate how to report economic events
the assumption that the...
100 verified accurate the accounting process is correctly sequenced as identification
communication generally accepted accounting prin
Written for
TCC
All documents for this subject (51)
Seller
Follow
QuickPass
Reviews received
Content preview
TCC Accounting Exam 1, Questions and
answers, 100% Verified Accurate.
the accounting process is correctly sequenced as - ✔✔-identification, recording, communication
generally accepted accounting principles are - ✔✔-standards that indicate how to report economic
events
the assumption that the unit of measure remains sufficiently constant over time is part of the - ✔✔-
monetary unit assumption
a basic assumption of accounting that requires activities of an entity be kept separate from the activities
of its owner is referred to as - ✔✔-economic entity assumption
bookkeeping differs from accounting in that bookkeeping primarily involves which part of the
accounting process? - ✔✔-recording
the normal balance of the account is the - ✔✔-side which increases the amount
an account consists of - ✔✔-a title, a debit side, and a credit side
an account also consists of - ✔✔-three parts
a T-account is - ✔✔-a way of depicting the basic form of an account
for the basic accounting equation to stay in balance, each transaction recorded must - ✔✔-affect two or
more accounts
, the adjustment for depreciation is an example of - ✔✔-apportioning two costs between two or more
periods
the revenue recognition principle dictates that revenue should be recognized in the accounting records -
✔✔-when it is earned
the matching principle matches - ✔✔-expenses with revenues
adjusting entries are required - ✔✔-every time financial statements are prepared
adjusting entries are also required - ✔✔-because some costs expire with the passage of time and have
not yet been journalized
when using a worksheet, adjusting entries are journalized - ✔✔-after the worksheet is completed and
after financial statements have been prepared
if the total debit column exceeds the total credit column of the income statement columns on a
worksheet, then the company - ✔✔-has suffered a net loss for the period
closing entries are necessary for - ✔✔-temporary accounts only
assuming that there is a net loss for the period, debits equal credits in all but which section of the
worksheet? - ✔✔-Income statement columns
each of the following accounts is closed to income summary except - ✔✔-dividends
two categories of expenses for merchandising companies are - ✔✔-cost of goods sold and operating
expenses
sales revenue less cost of goods sold is called - ✔✔-gross profit
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller QuickPass. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.49. You're not tied to anything after your purchase.
