Question OneExpenses incurred but not yet paid or recorded are calledprepaid expenses.accrued expenses.interim expenses.unearned expenses.а.b.с.d.Answer:Question TwoA company must make adjusting entriesto ensure that the revenue recognition and expense recognition principles are followed.each time it prepares an income statement and a statement of financial position.to account for accruals or deferrals.all of these answer choices are correct.а.b.с.d.Answer:Question ThreeIf a company fails to make an adjusting entry to record insurance expense,thenequity will be understated.expenses will be understated.assets will be understated.а.b.с.d.net income will be understated.Answer:

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Expenses incurred but not yet paid or recorded are called prepaid expenses. accrued expenses. interim expenses. unearned expenses. а. b. с. d. Answer:

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter3: Accrual Accounting

Section: Chapter Questions

Problem 4MCQ: Which of the following statements is false? Adjusting entries are necessary because timing...

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Fill in the blank associated with each adjusting entry: a. Prepaid expense: Debit Supplies Expense; credit ___________. b. Deferred revenue: Debit ___________; credit Service Revenue. c. Accrued expense: Debit ___________; credit Salaries Payable. d. Accrued revenue: Debit Accounts Receivable; credit ___________.
Which of the following statements regarding adjusting entries is false? Group of answer choices A. Adjustments are needed to ensure that the accounting system reflects all revenues and expenses that occurred during the period. B. Adjusting entries always affect the cash account. C. The two major categories of adjusting entries are accruals and deferrals. D. Adjusting entries generally include one balance sheet account and one income statement account.
Match the statements below with the accounting assumption, characteristic, or principle to which the statement relates. Assumptions/characteristics/principles may be used once, more than once, or not at all. Recorded when the performance obligation is satisfied. a. Revenue recognition principle V The reason for recording accruals and deferrals in adjusting entries. b. Matching principle Valuing assets at amounts originally paid for them. C. Historical cost principle Entity assumed to have a long life d. Going concern assumption Description of significant accounting policies and unusual events. e. Full disclosure principle v Information has predictive and confirmatory value. T. Relevance characteristic 8. Consistency characteristic
the best answer for the question. 9. The adjusting entries made at the end of an accounting period may be classified into four principal types. Which of the following classifications of accounts are not ow O A. Accrued expenses O B. Cost apportionments O C. Temporary accounts O D. Revenue apportionments O Mark for review (Will be highlighted on the review page) >>> O ii 9 C 7 INPUT
Indicate whether a debit or credit is required to close each of the following accounts. Use the sym-bols D if a debit is required, C if a credit is required, and N if the account is not closed at the end of the period.a. Salary Expenseb. Unexpired Insurancec. Consulting Fees Earnedd. Depreciation Expensee. Dividendsf. Retained Earningsg. Interest Revenueh. Accumulated Depreciationi. Income Taxes Expensej. Unearned Revenuek. Income Summary (of a profitable company)l. Income Summary (of an unprofitable company)
29)Revenue is properly recognized: (Hint: What is Revenue Recognition principle?) Group of answer choices At the end of the accounting period. Upon completion of the sale or when services have been performed and the business obtains the right to collect the sales price. Only if the transaction creates an account receivable. When the customer's order is received.
Identify which of the following accounts would be listed on the company’s Post-Closing TrialBalance.A. Accounts ReceivableB. Accumulated DepreciationC. CashD. Office ExpenseE. Note PayableF. Rent RevenueG. Retained EarningsH. Unearned Rent Revenue
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9. Aside from accruals, which of the following can be reversed? A. Deferrals initially recorded in the income statement (income or expense) B. All deferrals C. Accounts that have been closed D. All temporary accounts
this multiple choice questions from ACCOUNTING PRINCIPLES I.I need the final answer.
Which of the following is a distinguishing characteristic of an adjusting entry for deferrals? Select one: a. It includes the adjustment of an amount previously recorded in a balance sheet account. b. It always impacts the cash account. c. It affects at least one liability account. d. It increases a balance sheet account and decreases an income statement account.
Identify whether each of the following transactions, which are related to revenue recognition, are accrual, deferral, or neither. A. earn now, collect now B. earn now, collect later C. earn later, collect now