Question 1 of 10 100/ 100 Points The completed-contract...

This preview shows page 1 - 3 out of 7 pages.

Part 1 of 1 - 100.0/ 100.0 Points Question 1 of 10 10.0/ 10.0 Points The completed-contract method is a method of recognizing revenue on long-term projects in which no revenue is recognized until the period in which the project is completed. A. True B. False Answer Key: True
Question 2 of 10 10.0/ 10.0 Points The matching principle provides that net income of a period can be determined by associating the revenues earned in a period with the expenses incurred to generate the revenues.
Question 3 of 10 10.0/ 10.0 Points Period costs are carried in inventory accounts as long as the goods are on hand.
Question 4 of 10 10.0/ 10.0 Points Salaries Expense before adjustment at September 30, the end of the fiscal year, has a balance of $140,000. The amount of accrued salaries is $3,100. The adjusting entry would be:
B. debit Salaries Payable and credit Salaries Expense for $3,100. C. debit Income Summary and credit Salaries Expense for $3,100.

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture