College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Textbook Question
Chapter 4, Problem 6QY
The __________ requires that expenses be matched up with revenue for the same period of time.
- a. matching principle
- b. expense principle
- c. revenue recognition principle
- d. separate entity concept
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Which of the following concept is also called as Revenue Recognition Concept?
O a. Accrual concept
Ob. Realization concept
Oc Matching concept
Od. Disclosure concept
Discuss the concept of matching principle and its significance in determining the timing of revenue and expense recognition.
Which type of revenue activity is correctly matched with the revenue recognition method?
Which type of revenue activity is correctly matched with the revenue recognition method:Answer: The revenue activity which is measurable and earned are correctly matched withrevenue recognition...
Chapter 4 Solutions
College Accounting (Book Only): A Career Approach
Ch. 4 - The __________ represents the sequence of steps in...Ch. 4 - The __________ is a working paper used by...Ch. 4 - On the work sheet, assets are recorded in which of...Ch. 4 - Rainy Day Services had 430 of supplies reported on...Ch. 4 - On the work sheet, Accumulated Depreciation,...Ch. 4 - The __________ requires that expenses be matched...Ch. 4 - Accumulated Depreciation, Equipment is reported a....Ch. 4 - What is the purpose of a work sheet?Ch. 4 - What is the purpose of adjusting entries?Ch. 4 - Prob. 3DQ
Ch. 4 - Prob. 4DQCh. 4 - Prob. 5DQCh. 4 - Define depreciation as it relates to a van you...Ch. 4 - Prob. 7DQCh. 4 - Why is it necessary to journalize and post...Ch. 4 - 1. List the following classifications of accounts...Ch. 4 - Classify each of the accounts listed below as...Ch. 4 - Place a check mark next to any account(s)...Ch. 4 - A partial work sheet for Marges Place is shown...Ch. 4 - Complete the work sheet for Ramey Company, dated...Ch. 4 - Journalize the adjusting entries from the partial...Ch. 4 - Journalize the adjustments for Newkirk Company as...Ch. 4 - Journalize the following adjusting entries that...Ch. 4 - Determine on which financial statement each...Ch. 4 - Prob. 1PACh. 4 - The trial balance of Clayton Cleaners for the...Ch. 4 - The trial balance for Game Time on July 31 is as...Ch. 4 - The trial balance for Benner Hair Salon on March...Ch. 4 - The trial balance for Masons Insurance Agency as...Ch. 4 - The trial balance of The New Decors for the month...Ch. 4 - The trial balance for Harris Pitch and Putt on...Ch. 4 - The trial balance for Wilson Financial Services on...Ch. 4 - Prob. 1ACh. 4 - You are the bookkeeper for a small but thriving...Ch. 4 - Prob. 3ACh. 4 - Your client is preparing financial statements to...Ch. 4 - Prob. 1CP
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- Which of the following principles matches expenses with associated revenues in the period in which the revenues were generated? A. revenue recognition principle B. expense recognition (matching) principle C. cost principle D. full disclosure principlearrow_forwardWhich of the following best represents the matching principle criteria? A. Expenses are reported in the period in which they were incurred. B. Expenses may be reported in a different period than the matching revenues. C. Revenue and expenses are matched based on when expenses are paid. D. Revenue is recognized when an order occurs and not when the actual sale is initiated.arrow_forwardDescribe the revenue recognition principle. Give specifics.arrow_forward
- What is the purpose of the Income Summary account? How does it relate to the revenue and expense accounts?arrow_forwardThe concept that states assets should be recorded at their original cost is known as the: a) Matching Principle b) Cost Principle c) Consistency Principle d) Revenue Recognition Principlearrow_forwardDescribe the Fundamental Issues Related to Recognizing Revenue.arrow_forward
- Under the revenue recognition principle, when is revenue recorded?arrow_forwardCosts that are directly associated with the earning of revenue are recognized as in the same period where the related revenue is recognized. * expense Systematic and rational allocation Immediate recognition O Matching O Cost-benefitarrow_forwardDescribe the steps to apply Core Revenue Recognition Principle.arrow_forward
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Revenue recognition explained; Author: The Finance Storyteller;https://www.youtube.com/watch?v=816Q6pOaGv4;License: Standard Youtube License