Matching
Match the following terms with the descriptions below.
Premises:
An adjusting entry that occurs when expenses are incurred in one accounting period and payment is made in a later period.
An adjusting entry that recognizes when a revenue is earned but the payment to the firms will occur in a subsequent accounting period.
An entry made to transfer the balance of temporary accounts to retained earnings and determine net income or loss for a time period.
An adjusting entry that occurs when a company uses previously purchased assets in an attempt to generate revenue in future periods.
An adjusting entry that occurs when a company has been paid in advance for services to be performed in a future period.
An internal entry made to bring up to date the accounts for internal events prior to preparing financial statements.
An organizational scheme used to classify accounts as assets, liabilities, or owners' equity.
An event that management wants to plan and evaluate.
Responses:
Business event
Revenue deferral
Closing entry
Revenue accrual
Adjusting entry
Expense accrual
Chart of accounts
Expense deferral
Correct Answer:
Premises:
Responses:
An adjusting entry that occurs when expenses are incurred in one accounting period and payment is made in a later period.
An adjusting entry that recognizes when a revenue is earned but the payment to the firms will occur in a subsequent accounting period.
An entry made to transfer the balance of temporary accounts to retained earnings and determine net income or loss for a time period.
An adjusting entry that occurs when a company uses previously purchased assets in an attempt to generate revenue in future periods.
An adjusting entry that occurs when a company has been paid in advance for services to be performed in a future period.
An internal entry made to bring up to date the accounts for internal events prior to preparing financial statements.
An organizational scheme used to classify accounts as assets, liabilities, or owners' equity.
An event that management wants to plan and evaluate.
Premises:
An adjusting entry that occurs when expenses are incurred in one accounting period and payment is made in a later period.
An adjusting entry that recognizes when a revenue is earned but the payment to the firms will occur in a subsequent accounting period.
An entry made to transfer the balance of temporary accounts to retained earnings and determine net income or loss for a time period.
An adjusting entry that occurs when a company uses previously purchased assets in an attempt to generate revenue in future periods.
An adjusting entry that occurs when a company has been paid in advance for services to be performed in a future period.
An internal entry made to bring up to date the accounts for internal events prior to preparing financial statements.
An organizational scheme used to classify accounts as assets, liabilities, or owners' equity.
An event that management wants to plan and evaluate.
Responses:
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