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principles of Accounting exam 1 Questions & answer
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principles of Accounting exam 1the revenue recognition principle - ANS-determines when revenue is credited to a
revenue account
the matching principle - ANS-states that the revenues and related expenses should be
reported in the same period
using accrual accounting, revenue is recorded and reported only - ANS-when the
services are rendered without regard to when cash is received
if the effect of the debit portion of an adjusting entry is to increase the balance of an
expense account, which of the following describes the effect of the credit portion of the
entry? - ANS-increases the balance of a liability account
deferred revenue is revenue that is - ANS-not earned but the cash has been received
adjusting entries are - ANS-needed to bring accounts up to date and match revenue
and expense
adjusting entries affect at least one - ANS-income statement and one balance sheet
account
the term used to describe an expense that has not been paid and has not yet been
recognized in the accounts by a routine entry is - ANS-accrued
generally accepted accounting principles require that companies use the ______ of
accounting - ANS-accrual basis
by matching revenue earned during the accounting period to related incurred expenses
- ANS-net income or loss will be properly reported on the income statement
Accounts - ANS-are records of increases and decreases in individual accounting
equation elements
accounts are classified in the ledger - ANS-in accordance with their appearance in the
financial statements
the debit side of an account - ANS-is the left side of the account
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