Ch 3 Fill in the blanks.docx - 1 Question Accountants downplay the economic concept of profit and employ a more objective in computing net income

Ch 3 Fill in the blanks.docx - 1 Question Accountants...

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1. QuestionAccountants downplay the economic concept of profit and employ a more objective ____________ in computing net income. CORRECT 2. QuestionThe ____________ is paramount to income measurement, and holds that an organization’s life can be divided into discrete measurement intervals. INCORRECT 3. QuestionAn accounting year that covers a period of time other than January 1 through December 31 is typically referred to as a ____________ year. 4. QuestionAccrual basis revenue is generally recognized at the time services are ____________ or when goods are ____________ and ____________ to a customer.
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delivered CORRECT 5. QuestionThe ____________ holds that expenses should be recorded in the same time period as the revenues they helped to produce. INCORRECT 6. Question____________ are goods and services purchased for future consumption and paid for in advance. CORRECT 7. QuestionThe Accumulated Depreciation account is termed a ____________ asset.
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