achivmt_test_answ3 - 9th Edition A Financial and Managerial...

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9th Edition Financial and  Managerial Accounting Warren/Reeve Chapter Test 3A FILL-IN-THE-BLANK—PRINCIPLES AND TERMINOLOGY— INSTRUCTIONS:   Complete each of the following statements by writing the appropriate words in the Answers column. For Answers Scoring 0. The accounting principle that requires the matching of revenues and expenses is called the  ................................................................................ matching concept 0. ____ 1. The expense associated with the decrease in economic usefulness of a  fixed asset with the passage of time is  ...................................................... 1. ____ 2. Accumulated depreciation accounts that are “offset against” fixed asset  accounts are  ............................................................................................... 2. ____ 3. The process of posting adjusting and closing entries in the ledger at the end of an accounting period is called the  .................................................. 3. ____ 4. The journal entries at the end of the accounting period to properly match  revenues and expenses are called   ........................................................... 4. ____ 5. Payments that have been initially recorded as assets but are expected to become expenses through the normal operations of the business are  called  .......................................................................................................... 5. ____ 6. Revenues that have been earned but have not been recorded in the accounts are called  .................................................................................... 6. ____ PROBLEM 1—ADJUSTING ENTRIES INSTRUCTIONS:   Indicate the accounts to be debited and credited in recording the selected transactions described  below by inserting the letter designations in the appropriate columns. A. Accounts Receivable F. Fees Earned K. Rent Revenue O. Supplies Expense B. Accumulated Depreciation G. Land L. Salaries Expense P. Taxes Expense C. Advertising Expense H. Prepaid Advertising
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