ACC 2213 MGCCC Exam 2 Study Guide
Paul Johnson Study Guide with Verified
Solutions
Distinguish between adjusting and correcting entries - Answer-Adjusting entries are a planned part
of the accounting process to update the accounts. Correcting entries are not planned but arise only
when necessa...
Identify the accounting method required by GAAP - Answer✔✔-The accrual basis accounting method.
Know the different accounting concepts covered in the text - Answer✔✔-Accounting period concept-
requires that revenues and expenses be reported in the proper period.
Revenue Recognition Concept- The accounting concept that supports reporting revenues when the
services are provided to customers.
Matching Concept - A concept of accounting in which expenses are matched with the revenue generated
during a period by those expenses.
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