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Ch. 3 Adjusting Entries part 1

Authored by Shannon Quible

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11th Grade - University

Used 48+ times

Ch. 3 Adjusting Entries part 1
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15 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A broad principle that requires identifying the activities of a business with specific time periods such as months, quarters, or years is the: 

Time period assumption
Going-concern assumption
Matching principle
Accrual basis of accounting

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The accounting principle that requires revenue to be recorded when earned is the: 

Matching principle
Revenue recognition principle
Accrual reporting principle
Expense recognition principle

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The accounting principle that requires expenses to be recorded when earned is the: 

Matching principle
Revenue recognition principle
Accrual reporting principle
Expense recognition principle

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The main purpose of adjusting entries is to: 

Record external transactions and events
Recognize assets purchased during the period
Recognize debts paid during the period
Correct errors in the accounting records

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The approach to preparing financial statements based on recognizing revenues when they are earned and matching expenses to those revenues is: 

Cash basis accounting
The matching principle
Accrual basis accounting
Revenue basis accounting

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which accounting method is GAAP?

Accrual basis accounting
Cash basis accounting

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Long-term tangible assets used to produce and sell products and services.

Prepaid assets
Short-term assets
Plant assets
Intangible assets

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