Matching
Match the description with the accounting terms.
Premises:
Income received before it is earned
Income that has been earned but not yet received and recorded
Expenses that are paid for and recorded before they are used, such as rent or insurance
Expense items that relate to the current period but have not yet been paid and do not yet appear in the accounting records
Long-term assets that are used in the operation of a business and that are subject to depreciation (except for land, which is not depreciated)
Another term for prepaid expenses
A system of accounting by which all revenues and expenses are matched and reported on financial statements for the applicable period, regardless of when the cash related to the transaction is received or paid
The difference between the debit and credit columns of the Income Statement and the debit and credit columns of the Balance Sheet on the worksheet.
A form used to list the volume and type of goods a firm has in stock
Another term for unearned income
The amounts entered in the Adjusted Trial Balance section of the worksheet
Responses:
Prepaid expenses
Accrued income
Net income or Net loss
Unearned income
Inventory sheet
Property, plant, and equipment
Accrual basis
Updated account balances
Deferred expenses
Deferred income
Accrued expenses
Correct Answer:
Premises:
Responses:
Income received before it is earned
Income that has been earned but not yet received and recorded
Expenses that are paid for and recorded before they are used, such as rent or insurance
Expense items that relate to the current period but have not yet been paid and do not yet appear in the accounting records
Long-term assets that are used in the operation of a business and that are subject to depreciation (except for land, which is not depreciated)
Another term for prepaid expenses
A system of accounting by which all revenues and expenses are matched and reported on financial statements for the applicable period, regardless of when the cash related to the transaction is received or paid
The difference between the debit and credit columns of the Income Statement and the debit and credit columns of the Balance Sheet on the worksheet.
A form used to list the volume and type of goods a firm has in stock
Another term for unearned income
The amounts entered in the Adjusted Trial Balance section of the worksheet
Premises:
Income received before it is earned
Income that has been earned but not yet received and recorded
Expenses that are paid for and recorded before they are used, such as rent or insurance
Expense items that relate to the current period but have not yet been paid and do not yet appear in the accounting records
Long-term assets that are used in the operation of a business and that are subject to depreciation (except for land, which is not depreciated)
Another term for prepaid expenses
A system of accounting by which all revenues and expenses are matched and reported on financial statements for the applicable period, regardless of when the cash related to the transaction is received or paid
The difference between the debit and credit columns of the Income Statement and the debit and credit columns of the Balance Sheet on the worksheet.
A form used to list the volume and type of goods a firm has in stock
Another term for unearned income
The amounts entered in the Adjusted Trial Balance section of the worksheet
Responses:
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