Chapter 5 Vocab

Chapter 5 Vocab

KG - 12th Grade

3 Qs

quiz-placeholder

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Chapter 5 Vocab

Chapter 5 Vocab

Assessment

Quiz

Other

KG - 12th Grade

Hard

Created by

Gus Mandujano

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3 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What are temporary accounts

Accounts used to collect information that will be transferred to permanent capital accounts at the end of the accounting period

Accounts that are continuous from one accounting period to the next; balances are carried forward to the next period

The GAAP principle that revenue is recorded on the date it is earned even if cash has not been received

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What are permanent accounts

Accounts used to collect information that will be transferred to permanent capital accounts at the end of the accounting period

Accounts that are continuous from one accounting period to the next; balances are carried forward to the next period

The GAAP principle that revenue is recorded on the date it is earned even if cash has not been received

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What is revenue recognition

Accounts used to collect information that will be transferred to permanent capital accounts at the end of the accounting period

Accounts that are continuous from one accounting period to the next; balances are carried forward to the next period

The GAAP principle that revenue is recorded on the date it is earned even if cash has not been received