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TCC Accounting Exam 1, Questions and answers, 100% Verified Accurate.
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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...

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  • February 4, 2023
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  • 2022/2023
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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

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