Accounting questions (1st)?
Accounting questions (1st)?
Which answer is you think the best answer.?
Thank you.
1. The accounting concept that supports reporting revenues and related expenses in the same period is called:
a. Revenue recognition concept
b. Accounting period concept
c. Matching concept
d. Adjusting Concept
All adjusting entries:
a. Affect at least one income statement account and one balance sheet account.
b. Affect two different balance sheet accounts.
c. Affect two different income statement accounts.
d. Affect at least one income statement account and one deferred revenue account.
3. Items that have been initially recorded as assets but are expected to become expenses over time or through the normal operations of the business are termed:
a. Accrued expenses
b. Deferred revenues
c. Accrued revenues
d. Deferred expenses
4. Items have been incurred but not recorded in the accounts are:
a. Accrued expenses
b. Deferred revenues
c. Accrued revenues
d. Deferred expenses
Answers:
Allan: a. c. a. (b) or (d)
2007-12-12 13:20:14