
Accounting Chp3
Authored by Bradd Poffenberger
Business
10th - 12th Grade
Used 1+ times

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15 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
Accounting method that records revenues when earned and expenses when incurred.
2.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
An asset created when a business makes advance payments of future expenses.
3.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
Requires companies to record revenue when (or as) the entity satisfies each performance obligation.
4.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
The accounting year of any 12 consecutive months that may or may not coincide with the calendar year.
5.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
An expense that the business has incurred but has not yet paid.
6.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
Guides accounting for expenses, ensures that all expenses are recorded when they are incurred during the period, and matches those expenses against the revenues of the period.
7.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
The process by which businesses spread the allocation of a plant asset's cost over its useful life
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