2.6 QUIZ MyAccountingLab.docx - 1 Deferred revenues also called unearned revenues arise when a business collects cash before earning the revenue 2

2.6 QUIZ MyAccountingLab.docx - 1 Deferred revenues also...

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3.Which of the following statements is true of a trialbalance?
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5.The accountant ofOmega,Inc. failed to make an adjusting entry to record$6,000of unearned service revenue that has now been earned. Assume the deferred revenue was initially recorded as a liability. Which of the following statements istrue?6.The accounting principle that ensures all expenses are recorded during the period when they are incurredand offsets those expenses against the revenues of the period is called the________principle.7.A cash payment of$5,000was made for dividends. Which of the following accounts isdebited?8.The accountant for Main Street Jewelry RepairServices,Inc. forgot to make an adjusting entry for
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  • Fall '10
  • MANAGE
  • Accountant, Generally Accepted Accounting Principles

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