TCC Accounting Exam 1, Questions and answers, 100% Verified Accurate.
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TCC
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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...
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communication generally accepted accounting prin
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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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