Principles of Accounting I- midterm week 4.docx -...

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Principles of Accounting I-E-AH Gisselle M. MoshankoMidterm ExamQuestion 1The adjusting entry to record the depreciation of equipment forthe fiscal period isdebit Depreciation Expense; credit Accumulated DepreciationQuestion 2Deferred expenses havenot yet been recorded as expensesQuestion 3One of the accounting concepts upon which deferrals andaccruals are based isMatchingQuestion 4The account type and normal balance of Unearned Revenue isliability, creditQuestion 5Generally accepted accounting principles requires that companiesuse the ____ of accounting.accrual basisQuestion 6By matching revenues and expenses in the same period in whichthey incur
net income or loss will be properly reported on the incomestatementQuestion 7A business pays weekly salaries of $20,000 on Friday for a five-day week ending on that day. The adjusting entry necessary atthe end of the fiscal period ending on Tuesday isdebit Salary Expense, $8,000; credit Salaries Payable,$8,000Question 8When is the adjusted trial balance prepared?After adjusting journal entries are postedQuestion 9The net book value of a fixed asset is determined by

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Term
Fall
Professor
Staff
Tags
Balance Sheet, Generally Accepted Accounting Principles, Owner s Equity

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