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Accounting 105 || with Complete Solutions.
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  • Accounting 105

Accounting Cycle correct answers The sequence of steps in the accounting process completed during the final fiscal period Accrual correct answers Recognition of an expense or a revenue that has been incurred or earned but has not yet been recorded Accrued wages correct answers Unpaid wages ow...

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  • August 9, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
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  • Accounting 105
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Accounting 105 || with Complete Solutions.
Accounting Cycle correct answers The sequence of steps in the accounting process completed
during the final fiscal period

Accrual correct answers Recognition of an expense or a revenue that has been incurred or earned
but has not yet been recorded

Accrued wages correct answers Unpaid wages owed to employees for the time between the end
of the last pay period and the end of the fiscal period

Adjusting entries correct answers Entries that bring the books up to date at the end of the fiscal
period

Adjustments correct answers Internal transactions that bring ledger accounts up to date, as a
planned part of the accounting procedure. They are first recorded in the Adjustments columns of
the work sheet when using a manual accounting system

Book value correct answers the cost of an asset minus the accumulated depreciation

Contra account correct answers An account that is contrary to, or a deduction from, another
account; for example, Accumulated Depreciation is listed as a deduction from Equipment

Contra asset account correct answers An account that is contrary to or a deduction from its
companion asset account

Depreciation correct answers An expense based on the expectation that an asset will gradually
decline in usefulness due to time, wear and tear, or obsolescence; the cost of the asset is therefore
spread out over its estimated useful life. A part of depreciation expense is apportioned to each
fiscal period

Fiscal period correct answers Any period consisting of twelve consecutive months

Fiscal year correct answers A fiscal period consisting of twelve consecutive months

Matching principle correct answers The principle that the revenue for one time period is matched
up with the related expenses for the same time period

Mixed accounts correct answers Certain accounts that appear on the trial balance with balances
that are partly income statement amounts and partly balance sheet amounts-for example, Prepaid
Insurance and Insurance Expense

Straight-line depreciation correct answers A means of calculating depreciation in which the cost
of an asset, less any trade-in value, is allocated evenly over the useful life of the asset

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